Mortgage Rate Update for Marin County

We just had our weekly sales meeting, and interest rates remain similar to last week. A 30 year conforming loan is 6 1/4%, a nonconforming five-year fixed is 6.5%, and a 30-year nonconforming is 7.5%.

As noted here a few days ago, the Fed rate cut has not affected interest rates.  My good friend Rob Chrisman, who is big hitter at a local mortgage company and issues a great newsletter every morning sent this link, which helps explain the relationship, or more importantly the lack of a relationship, between the Fed’s discount rate and long term mortgage rates.

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