Bank Rates for Sept-October 2010

The Federal Reserve Board issued a statement this week saying that they were concerned that inflation is too low. This statement is fueling a decline in the dollar, higher gold and other commodity prices and lower interest rates.
Conforming 30 Year Fixed (under $417,000) are at 4%, High Balance ($417,000 to $729,750) are at 4.25% and Jumbo (over $729,750) are at 5.5%. Conforming 15 Year Fixed at at 3.75%, High Balance at 3.875% and Jumbo at 5.25%.
The October 4th date for the change in the FHA mortgage formula is quickly approaching. Make sure your FHA clients are aware of this change which will increase their monthly payments.