Today I found this article and information update from Bankrate.com. It is iimportant to understand that morgtage interest rates may vary by geography. So if your buddy in San Diego tells you about a rate don't assume that Denver lenders will have that same rate. That said you might even get a better rate!

30-year Jumbo Mortgage rates in Colorado go up Friday

North Palm Beach, Fla. -- Feb. 22, 2008 (Bankrate.com) -- Average rates on 30-year jumbo mortgages in Colorado rose 2 basis points to 6.83 on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percentage point. The mortgages in the survey had an average of 0.57 discount and origination points.

A 30-year jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac (the 2007 limit is $417,000 in the continental U.S., and $625,500 in Alaska, Hawaii and the U.S. Virgin Islands). Jumbo mortgages generally have a slightly higher interest rate than smaller (sometimes called "conventional" or "conforming") mortgages. Someone taking out a $435,000.00 30-year jumbo mortgage at the current average would pay $2,844.57 a month for the life of the loan.

The highest rate in Colorado on a 30-year jumbo mortgage was found at two institutions that charged 8.625 percent. The lowest rate was found at one institution that charged 5.500 percent. Six months ago, the average rate in Colorado was 7.08 percent.

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Arnold Cohen
The Mortgage Store
303-488-5435