The cost of financing a home purchase in the priciest areas in the US just got more expensive. At least the word based on the fact that Wells Fargo raised the interest rate on 30-year, fixed, non-conforming - otherwise known as "Jumbo" loans to 8 percent from around 6.9 percent. Oh and by the way, jumbos loans of more than $417,000 are capped by Freddie Mac and Fannie Mae.

As an example, a $600,000 mortgage would be $4,403, compared to $3,942.

While Bush just dismissed Democratic proposals to grant Fannie Mae and Freddie Mac more freedom to buy mortgages and mortgage-backed securities to increase liquidity, and ruled out any taxpayer bailout of lenders threatened by the subprime crisis, it is because he believes things will shake out. Bush's indication that the recent housing correction is a result of excessive borrowing and that the government has no role in the matter isn't what people who are losing their homes want to hear.

Though the President is considering a plan to cut tax rates on U.S. corporations to help them compete in the global economy, he hopes this effort will reassure investors that the economy is fundamentally strong, and said that recent turmoil in the housing and wider financial markets is a natural result of excess borrowing in recent years.

While many are troubled by this news, there are people who are taking this opportunity to purchase properties. What's more, now real estate agents can finally stay in control of their deals, making commissions that mortgage brokers have made in the past. It's easy to calculate with the new Dogtor Paco mortgage payment calculator, a home equity lender. Here you will find mortgage quotes for all kinds of loans, with the current mortgage rates updated every 20 minutes or so.

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