Posted by JanetK_CA on 8/6/07 2:54pm
Msg #204153

Bank interest rates increased?

I caught just of piece of a report on radio this morning about BofA and possibly another bank (WAMU?) raising their jumbo (I think) interest rates by one whole point. (This was NOT for sub-prime, but for their top credit worthy potential borrowers.) From the little bit I heard, it sounded like there will be precious few loans being approved over the next few months, at minimum. With the price of most properties in CA these days (at least in major metro areas), most loans fall into the jumbo category.

Anyone have any more complete information? The times keep getting more and more interesting in this industry...

Reply by JanetK_CA on 8/7/07 3:37pm
Msg #204347

Correction - it was Wells Fargo (so far)...

They increased their prime jumbo rate to 8% yesterday! (Up more than one point.) Others are likely to follow. There was supposed to be an announcement today about B of A and WAMU, but I was in a signing and missed it.