Mortgage Rate(California 08/27/2007)

Yes, the mortgage Rate is Down a little bit.

We expect the Fed will lower the fund rate of 0.25% at the
Sep FOMC Meeting and the mortgage rate will go down
till the beginning of the next year.

Here is the rate as of 08/27/2007(
all no points no fees):

Conforming(30 yr fixed           6% or 6.25%
15 yr fixed           6%
5/1 ARM             6% or 6.25%
3/1 ARM             6%

Jumbo(>417k)
15 yr fixed           6.625%
7/1 ARM             6.625%
5/1 ARM             6.375%
3/1 ARM             6.25%