Mortgage Market Memo

Monday, July 26, 2010

· Fannie Mae Mortgage backed securities are down 10 basis points on the day, leading towards stable interest rates for today and tomorrow.

· 15 year fixed interest rates are now as low as 4.000% with -0- points, while 20 and 30 year fixed interest rates are as low as 4.375% and 4.625% respectively.

· 5/1 and 7/1 ARM rates are still very attractive and are now as low as 3.625% with -0- points and 3.875% with -0- points respectively.

· Interest rates for Jumbo loan programs remain very attractive at 3.75% for a 5/1 ARM, 4.000% for a 7/1 ARM, and 5.125% for a 10/1 ARM, all with -0- points.