Where are the low interest rates? 6.3/4% for a 3/3 ARM??

I have been offered 6.375% from the Bnk of America for 30yrs fixed. Its the best I could get, most other rejected me but I'm a foreigner (to the US).

BWC

As per the wall street journal today, which gets its info from bankrate.com average rate on a conforming 30 year fixed is 6.38 up from 5.95 just last week, and average rate on jumbo 30 year fixed at 7.84 up from 7.52 last week. These numbers caught my eye this morning - yet another reason to be bearish on Manhattan real estate. To state the obvious; as rates go up, those buyers who are not paying cash will be paying more. These numbers are national averages - you can find ny specific rates at bankrate.com.

BWC, are you a foreign national or non permanent resident alien? Thats a great rate if you are a foreign national.

mbrokerNY - I am a foreign national living in London, UK. Yeah I suppose that rate is ok given these times for someone like me.

What is considered a jumbo loan...isn't it 750k

A jumbo loan until Dec. 31 is anything above $729,750. After that a jumbo will probably be anything above $625,500 in NYC when conforming limits are raised (although no offcial word on guidelines and details yet). Loan amounts between 417,001 and $729,750 is considered agency jumbo conforming. Regular conforming loans are up to 417k. Rates for all three vary from one another. sunny_hong@countrywide.com

Unattended consequence of bailout.....Freddie/Fannie MBS Investors have choosen Higher Yielding Bank Bonds that are now guarnteed by the Gov't as well, so this will force up yields on Freddie/Fannie MBS....this will continue so say good bye to low rates...

Of course they will have to make a policy adjustment because this cannot continue to go on else housing will continue to get decimated...did you see the jump this week? Unheard of....