Mortgage rates increased over the past week due to better than expected corporate earnings, which cause a selloff in the treasury market. However, today Wells Fargo saw some rate improvement, so it looks like rates will be staying within a range rather than rising or falling dramatically.
Current rates are as follows:
Non-conforming 30 year fixed (greater than $729,750) – 6.25%
Jumbo Conforming 30 year fixed ($417K-729.75K) – 5.5%
Conforming ($417K and under) – 5.375%
On July 30, 2009, the new Housing and Economic Recovery Act (HERA) laws will go into effect. They require all mortgage lenders and mortgage brokers to help prevent deceptive lending practices and protect customers by helping them become more informed. Private Mortgage Advisors (our in-house lender affiliate of Wells Fargo Bank) confirms these goals align with the responsible lending practices for which they have long been recognized.
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