Quick Rates 8/27/08

MARKET NEWS .The conforming and government markets are holding strong this week with rates slightly lower than in recent weeks. Guidelines continue to tighten up in the non-conforming mortgage market, causing some programs to be eliminated. For those that remain, rates are now a little bit higher - though it appears we may be passed the sudden, swift, upward movements that we saw a week or so ago.   

DEFINITION OF THE DAY .

 NON-CONFORMING MORTGAGE - WHAT DOES THIS MEAN?

A non-conforming mortgage is any conventional first mortgage that does NOT fall within the parameters of a standardized set of rules known as the Fannie Mae or Freddie Mac guidelines. Therefore, while a common misconception is that "non-conforming" always means "sub-prime", that is simply not the case. Non-conforming mortgages include "Jumbo" loan products, various "Alt-A" loan products and "Sub-Prime" mortgages.

 Have a terrific afternoon and as always, please call me with any questions, scenarios or if you or your buyers are in need of a mortgage!  

 Sharon "Shari" Casini Averette, Senior Loan Officer

FIRST FINANCIAL SERVICES, INC.

7930 W. Kenton Circle, Suite 150

Huntersville, NC 28078 

704-488-3943 Mobile

704-895-1088 ext 27 Desk

704-895-2414 Fax

saverette@ffsmortgages.com