Last week, almost every publication in America was telling the public that mortgage rates were going up and not coming back.  They were wrong.  30 year fixed conforming rates closed very close to 5.0% today after reaching almost 5.75% last week.  Proving once again the old proverb, "If everybody was right, everybody would be rich."

 ARM interest rates were even lower.  5/1 ARM's closed today at 4.0%; 7/1 ARM's at 4.375%; and 10/1 ARM's at 4.75%.

 JUMBO RATES:  5/1 ARM: 4.25%;  7/1 ARM: 4.875%.  15 Year Fixed: 6.375%;