IBD: Investor's Business Daily reporter Kathleen Doler has again graced me with an interview on my thoughts on the market. Although slightly misquoted on my "Jumbo Rates," the article does cover the challenges and opportunities today and ahead. Today's online and print article entitled and linked at Lending Is Changing; Getting A Mortgage May Take Bank Visit doesn't really help the independent mortgage broker's plight, but, hey, at least I'm honest. Now, Back to the rates: Jumbos are in the mid 5%'s right now on 5 year fixed rates or the "ARMs" where the Jumbo 30-Year fixed is closer to 7 and 8 percent. So, Jumbos are still getting done, but you'll be more "liquid" on a monthly basis in the 5's on an Option ARM type loan where the payment is manageable on loans from $600,000 to $10,000,000. Every borrower is different, and it's is getting sticky; but give it time. This too shall pass and planning now is a smart move. Go with the honest broker: Pat Townsley. 415-485-1776. http://www.ptre.net/Thanks Kathleen for your continued support and writing where others don't often tread.
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