Two Small But Important Changes in Today’s Mortgage Update
May 12th, 2008 Categories: Mortgage Update, Real Estate News
1) Rates held steady this week with the only real change coming in “Conforming Jumbo” conventional loans between $417,000 and $727.750. The rate on these loans came down relative to the regular Conforming loans up to $417,000. For the past month or so the relationship between the Conforming Jumbo and the regular Conforming loans held steady with an approximate difference of .75%. At Friday’s market close the gap had narrowed to a .375% difference. Remember though, both of these loans require a 15% down payment.
2) While economic indicators continue to highlight an economy that is neither growing or shrinking, the ISM Services Index showed a surprise 52.0 reading. Any reading over 50 is considered a sign of growth in the service segment of the economy. Analysts had expected it to hold steady at 49.5.
Remember, the right house at the right price is always a good investment
Michael
Many thanks to Rob Clark at Preferred Mortgage for this timely information.
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