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Pasadena Mortgage Rates Report: August 29, 2008

Pasadena Mortgage Rates Report: August 29, 2008

by Brian Brady


Weird things are happening in the mortgage-backed securities market.  Strong
buying, in the 30 year-fixed rate loans, has dropped rates .25% since my last
report,  The ARM rates, however, have RISEN.  A weird phenomenon, indeed.  I’m
only quoting two loan programs (the others make no sense):


Pasadena Mortgage rates  for August 29, 2008.  Loan amounts up to

5/1 ARM              5.750%

30 Year Fixed      6.125%

All rates offered to the borrower with 1 point cost.  Rate quotes assume
a purchase transaction with a 20% down payment, 720 credit score, and full
income qualification.  Rates are subject to fluctuation.  Custom rate quotes and
rate lock advice are available by calling (858)-777-9751.

Short-term, this is about as good as it gets.  I think we’ll see some higher
rates, in the next 7-10 days, with rates coming back down to this level by the
end of September.  I’m befuddled for the 3 month trend so I’ll stay neutral.



Next 7 days:      Higher 

Next 30 days:     Neutral

Next 3 months:    Lower? (I’m


posted on

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Posted on August 29th, 2008
Posted by: Irina Netchaev

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