Daily Mortgage Rate Update: June 6, 2008

Jobless Claims came in yesterday lower than expected; this is typically bad for interest rates. Just have a look...today's 30-year fixed rate mortgage sits at 6.25% here in Los Angeles. That's up from 5.99% just about a week ago.

The rest of the news on tap for today is the Employment Situation. Typically, the lower the number here, the better your Los Angeles mortgage rates. See, non-farm payroll employment tracks the number of paid employees working both part-time and full-time. By tracking this jobs data investors are able to effectively gauge the level of "tightness" in the job market. And if it's evident that wage inflation is a threatening factor, mortgage rates will rise. But we want them to fall, so again, the lower the number the better your mortgage rate.

For now, let's lock-in your mortgage rates at application! And stay tuned for more info...

Current Mortgage Rates:

Conforming Loan Amounts = Loan Amounts Below $417,000
($400,000 Loan Amount | 80% CLTV | 680+ FICO)

30-Year Fixed Rate Mortgage
6.25% (6.379 APR)

15-Year Fixed Rate Mortgage
5.75% (5.875 APR)

5/1 Adjustable Rate Mortgage
5.375% (5.498 APR)

7/1 Adjustable Rate Mortgage
5.625% (5.749 APR) 

*Disclaimer: Equal opportunity lender. Interest rates are subject to change upon changing market conditions and are also subject to change upon borrower qualification. Contact me directly to verify pricing.

Contact me for pricing on Adjustable Rate Mortgages as well as for pricing on loan amounts above $650,000.

Lock/Float Recommendation: Lock-in your mortgage rate at application!