Must read news for Feb 5th

Mortgage rates hit six week high
The 30-year fixed rate jumped to 5.70%, and more volatility is expected as Senate debates the economic stimulus package.

- Mortgage rates rose over the past week, pushing the cost of borrowing to its highest level since Christmas. And volatility is expected to continue as the debate over the economic stimulus plan continues.
The average 30-year fixed mortgage rate rose to 5.70% from 5.48% for the week ended Feb. 4, according to Bankrate.com.
The average 15-year fixed rate mortgage increased to 5.31% from 5.10%, and the average jumbo 30-year fixed rate jumped to 7.12% from 7.06%.
Adjustable rate mortgages were mixed over the past week, with the average 1-year ARM falling to 5.73% from 5.87% and the 5/1 ARM increasing to 5.5% from 5.41%.
The increase in mortgage rates makes borrowing more expensive for many would-be home buyers.
Last week, when the average 30-year fixed mortgage rate was 5.48%, a $200,000 loan would have carried a monthly payment of $1,133.07, according to Bankrate.com.
With the average rate now 5.70%, the monthly payment for the same size loan would be $1,160.80, a difference of nearly $28 per month.
LA MORTGAGE INC. a Rodeo Realty company
15300 Ventura Bl. #101 Sherman Oaks, CA 91403
Jeffrey Fink Email: jefffink@lamortg.com
Mobile: 818-723-1638 Office: 818-986-7300 ext 120 E Fax: 206-203-4720
CONFORMING, CONFORMING JUMBO, FHA, SUPER JUMBO LOANS


Conforming Limits: $100,000 to $417,000 February 5, 2009
Rates
5.00% 10-Year Fixed

5.5% 30-Year Fixed


NEW CONFORMING



Conforming Jumbo: $417,001-$625,500
Rate: 6.25% 30 Year Fixed
Rate
JUMBO LOANS

LOAN AMOUNTS $625,5001 -$10,000,000
5/1 Year Fixed 5.75 %
10/1 Year Fixed 6.125%
Interest only available

FHA LOANS LOAN AMOUNTS TO 96.5% LOAN TO VALUE30


30 Year Fixed $100,000-$ 362,500 5.5%
362.501 $625,000- 6.25%

Rates are based on a 1 point origination and are subject to change without notice ,in addition fico scores and dwelling type can affect the rate.

There are a lot of changes taking place every day and clients have a lot of questions so please do not hesitate to have your clients call me.

Remember that LA Mortgage is a mortgage broker and we do refinancing as well as purchase money loans.