Rates move higher after Federal Reserve cuts by .50%

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Rates moved higher for the third straight week as FHA mortgage move over the 7.0% mark.  Mortgage Bonds which directly impact rates normally have a market correction when rates head in one direction for a sustained period.  I would float in both the short term and long term, but keep in touch with you mortgage loan officer as rates remain volatile.

Rates as of 11/03/2008  

                        Conventional Rate                Jumbo Rates                   FHA            MSHDA

30yr Fixed                   6.750%                             N/A                        7.25%        6.75%

5/1 ARM                     5.875%                             5.875%                  N/A                N/A

7/1ARM                      6.125%                             6.125%                  N/A                N/A

Rates based on certain credit scores and down payments.  Rate subject to change.

Chuck Anway: National City Mortgage

248-921-0314 available 8AM to 11PM (EST)

chuck.anway@ncmc.com

Date: Monday, November, 3rd 2008 @ 10:53:19 AM
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