Black Friday Comes To Mortgages.

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From my good friend and Rutgers fan…

The Federal Reserve threw a massive life-line to consumers Tuesday with two new programs aimed at making it easier for them to obtain loans for homes, cars and on credit cards.

Under the new mortgage program, the Fed will buy up to $100 billion of debt issued by government-sponsored mortgage enterprises Fannie Mae, Freddie Mac and the Federal Home Loan Banks. It will also buy up to $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.
This has caused mortgage rates to drop significantly!

Please note that these interest rates are meant to be a guide, so that you can follow the trends of the market … if you have a specific scenario, please contact Mike
REVISED November 25th, 2008—- 2:30 PM ETLock Period = 30 Days
C O N F O R M I N G L O A N S (loans less than or equal to $417,000)
30 YEAR FIXED ————————- 5.500%, No Points30 YEAR FIXED INTEREST ONLY— 6.375%, No Points
15 YEAR FIXED—————————– 5.500%, No Points
5 / 1 ARM————————————- 5.625%, No Points
7/1 ARM ———————————————– 5.750%, No Points
Add .125% to Rate or .500 To Points For Loans <$80,000 or If Waiving EscrowsInvestment Properties --- ** Add 2 points, or increase rate by 1/2% (if 20% down)**There may be a rate increase for cash-out refinance transactions over 70% Loan to Value
EXPANDED C O N F O R M I N G FIXED RATE LOANS (loans greater than $417,000, but less than $625,500)
30 YEAR FIXED ————————- 5.750%, No Points
** Loan amount restrictions based on county.
NON-CONFORMING L O A N S (30 year fixed greater than expanded conforming, every other program greater than $417,000)
30 YEAR FIXED————————— 6.500% No Points
30 YEAR FIXED INTEREST ONLY– 6.750%, No Points
15 YEAR FIXED—————————-6.000% No Points
5 / 1 ARM————————————-5.625%, No Points
7/1 ARM ———————————————– 5.750%, No Points
** All non-conforming loans need to be discussed in detail

Michael Mundy Pinnacle Mortgage, Inc.

Hoboken Real Estate
Sold Nov to date 46
Median DOM 67
Avg DOM 86
Information deemed reliable but not guaranteed

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