Jumbo interest only loans to $6 million on our 5/1 ARM, 7/1 ARM, and 30 year fixed loans. This helps cash flow dramatically on larger loans.

Conforming rates

Jumbo rates

The Private Bank Jumbo Portfolio

Wells Fargo Private Bank

· Wells Fargo ranked #3 wealth manager in the U.S. – Barron’s (2009)*

· Wells Fargo Family Wealth ranked #2 U.S. multi-family office in assets – Family Wealth Alliance, LLC (2009)

· “Among the top 10 brands for wealth management” – Luxury Institute (2008)

· Top 10 "Worlds Safest Banks" ranking 2008 Global Finance Magazine

· Local Wealth Management Team and Private Bank services

· As a Portfolio Mortgage Lender we offer more flexibility

Wealth Management

Wells Fargo Wealth Management is one of the leading providers of financial services to high-net-worth and affluent customers through Wells Fargo Private Bank. Offerings include financial planning, private banking, credit, investment management, trust and estate services, business succession planning, elder services and charitable services. In addition, through Wells Fargo Advisors and Wells Fargo Investments, LLC, financial advisors in banking stores provide full-scale investment advice and access to a wide range of investments, including stocks, bonds and mutual funds, while licensed bankers also assist clients with their investment needs.

Family Wealth

Family Wealth focuses on the needs of ultra-high-net-worth multi-generational families. Teams of local professionals are dedicated to each client family to provide specialized knowledge and expertise in wealth management, trust and estate administration, asset strategy and investment management, private banking and credit services, investment custody, family dynamics and charitable services.

Web site

https://www.wellsfargo.com/theprivatebank/

NAPLES, Fla.-June 18, 2010- All geographic areas in Naples experienced a significant increase in both pending and closed sales in May according to a report released by the Naples Area Board of REALTORS® (NABOR), which tracks home listings and sales within Collier County (excluding Marco Island).

For the 12 months ending May 2010, overall pending sales in all geographic areas increased 47 percent from the 12 months ending May 2009. The increase ranged from 33 percent in East Naples to 56 percent in South Naples. "Sales are increasing in not only all geographic locations but in all price ranges as well. This is a good sign," said Tom Bringardner, President of Premier Properties.

"The median closed price has continued to level out since September 2009," stated Michele Harrison, REALTOR with John R. Wood REALTORS. The median closed price increased 9 percent to $190,000 in May 2010 up from $174,000 in May 2009.

To view the report, go to www.NaplesArea,com

The Naples Area Board of REALTORS® (NABOR) is an established organization (Chartered 1949) whose members have a positive and progressive impact on the Naples community. NABOR is a local board of REALTORS® and real estate professionals with a legacy of nearly 60 years serving 4,000 plus member-customers. NABOR is a member of Florida REALTORS® and the National Association of REALTORS®, which is the largest trade association in the United States with more than 1.3 million members and over 1,400 local boards of REALTORS® nationwide. NABOR is structured to provide programs and services to its membership through various committees and the NABOR Board of Directors, all of whose members are non-paid volunteers.

Jumbo 30 year fixed rate is 5.625% at a 1/4 point or 5.75% at 0 points. Jumbo loans available to $6 million. See below for details. Thanks!
Conforming rates

Jumbo rates

The following is from our affiliate mortgage company: ELEMENT FUNDING

QUESTION - WILL THE FED RAISE THE FED FUNDS RATE?

There has been growing debate among Fed members about when to begin raising the Fed Funds Rate. The Fed Funds Rate is the lending rate banks charge each other for the use of overnight funds, and it is used as a base rate that many other lending rates are based on, for consumer and business loans. A higher Fed Funds Rate tends to slow economic activity, as it means the cost of borrowing to finance a purchase will be higher, while a lower rate helps to stimulate activity. The Fed Funds Rate is currently at a range of 0.0-0.25%, and it has been this low for over a year to help stimulate our economy and move us from recession to recovery.

Fed Funds Rate

If the Fed raises the Fed Funds Rate too soon, it could slow economic activity and cause a "double dip" recession. However, if the Fed waits too long to raise the Fed Funds Rate, inflation could result...and inflation concerns were a big reason for all the Fed chatter last week. Remember, inflation is the arch enemy of Bonds and home loan rates.

With mounting debt in the US and concerns that US debt will overtake GDP by 2012 - as well as the problems in Europe - there are many factors the Fed needs to consider before taking action. Last week Fed Chairman Ben Bernanke said that the Unemployment Rate is likely to remain high for a while and he noted that the Fed "can't wait until unemployment is where we'd like it to be" before tightening credit, or inflation could too easily get out of control. That said, recent reports like May's Jobs Report and Retail Sales Report - which showed the first monthly decline since September 2009 - indicate that our economic recovery is still fragile at the moment. This means the Fed won't want to act too quickly, either.

The next Fed Meeting is June 22-23rd, and while the Fed will most likely not raise the Fed Funds Rate at this time, more and more Fed members are expressing concerns about the current very accommodative monetary policy in place. Although home loan rates are not tied to the Fed Funds Rate, we will be watching this situation very carefully as it continues to unfold.

In addition, Bonds and home loan rates have benefitted lately from the situation in Europe, as global investors have sought the safe haven of our US Bonds. However, as the Euro's freefall is finally showing some signs of stabilization, traders and investors can be very fickle in unwinding or reversing these trades pretty quickly. This could reverse the improvement we've seen in home loan rates, and we saw a sign of that last week. Bonds and home loan rates ended the week a bit off their best levels of the week...but are still incredibly low overall.