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To: marginnayan who wrote (108157)	11/6/2001 10:43:00 PM
From: Keith Feral	Respond to of 152472

It adjusts monthly with Libor. Chase offers mortgages priced off short term rates. Merrill Lynch and Cendant co-sponsor the same product. I have actually seen ads for fixed mortgage rates beginning to appear in the sub 5% area. The collapse in yields for the 30 year bond last week will certainly have a noticable impact on mortgage rates. I screamed at a banker from Wells Fargo the other day when I was reviewing their program. They were pricing their mortgage products above the rates they charge for prime. You should never pay more for a home loan than a commercial loan. Based on this basic law of risk, mortgage rates should be under 5% TODAY. I would not pay anthing above 5%, period.