Mortgages are now 8%

Wells Fargo, one of the nation’s largest mortgage backers, raised the interest rates on it 30-year, fixed-rate, non-conforming (AKA jumbo) loan to 8 percent last week. It is now up from 6.875 percent. Other lenders will probably follow the lead.

FYI, a jumbo loan for a single family residence in 2007 is $417,000. So, basically, just about everything in California 🙂

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