Monday, December 20, 2004
Recent rate and loan limit changes
Conforming loan limits have just recently been moved up to $359,650. The limit will be in effect for any loans funded after Jan. 1, 2004. Up until then, the limit is $333,700. Conforming loans are those that are bought by Fannie Mae and Freddie Mac. They are generally the lowest interest rates for 30 year Fixed, 15 year Fixed, and 3, 5 or 7 Year ARMs.
Also, the Prime rate recently rose to 5.25%, up from 5.00%. The Prime Rate is published in the Wall Street Journal and is the basis for many consumer and business loans, especially Home Equity Lines of Credit.
Arizona Mortgage Pro
Also, the Prime rate recently rose to 5.25%, up from 5.00%. The Prime Rate is published in the Wall Street Journal and is the basis for many consumer and business loans, especially Home Equity Lines of Credit.
Arizona Mortgage Pro
