Hoover Dam by pass

Every day, more than 14,000 cars and trucks travel the steep and winding approach roads to Hoover Dam. There, they cross the Colorado River, driving across the dam on a two-lane highway. Built in the early 1930s when there was much less traffic, the approach roads have now become a major bottleneck and safety hazard for travelers and those dam tourists waking on and near the dam highway. To solve this problem, the Federal Highway Administration has commissioned the Hoover Dam Bypass Project. The centerpiece of the project is a concrete arch, steel deck bridge with 1500 feet of clear span, 890 feet above the river, that will carry four lanes of traffic. It will be the largest concrete arch bridge in the US. Gee, another record.

Work on the $234 million bypass and four-lane bridge is on-budget and in line to be finished by 2010.

Cosmopolitian Resort and Casino Las Vegas

Cosmopolitan Resort and Casino
Cosmopolitan Resort and Casino located next to the Bellagio is urban luxury at its best. Located on 8.5 acres, the two twin towers will rise 600 feet high in glass-and-concrete towers that rise-up from a five-level podium , with a glass-fronted entrance and rooftop pool and include 1000 hotel rooms and roughly 2000 condo-hotels with spectacular views of the Strip and the Bellagio fountains.
The steel-framed, glass low-rise will contain a 75,000-square-foot casino, a 150,000-square-foot convention center, a 50,000-square-foot spa and a 1,800-seat theater. There will also be 300,000 square feet of brand-name retail shops and restaurants accessible from the Strip
This $3 billion project showcases stunning architecture with panoramic view of the Strip and Red Rock canyon. Featured as Las Vegas “beachfront” property, Cosmopolitan offers the opportunity to “own it all, in the middle of it all.”
From you residential condo/hotel you'll reside in complete luxury in the heart of the Las Vegas Strip. Boasting to be just an elevator ride away from the casino, retail shopping, five star restaurants, theatres, and an on site beach club, Cosmopolitan Resort and casino also boasts Location, Location, Location….
Project Amenities
This mixed used development is truly in the heart of the Vegas Strip excitement combining all the luxuries of an urban high rise with the benefit of a strong hotel management, amazing architectural design, and every amenity and attraction of the Las Vegas strip at you door step
• Phase I Spa Tower has over 1200 condo hotel units
• All units with balconies and Views
• Fully furnished units with flat screen televisions and Jacuzzi tubs
• 80,000 sf full Casino
• Over 4 million sf of pedestrian-friendly urban cityscape
• Over 150,000 sf of business, convention, and conference space available for meeting and special function
• Over 300,000 sf of brand name retail boutiques, fine dining establishments, and entertainment venues
• 1800 seat theatre featuring world clad productions
• Cosmo Beach Clue over looking the Strip
• 4 Pools including sand beach and sundeck, lap pool, infinity edge pool, and featured pool with water wall
• 2 level Fitness and Spa
• Tennis Courts
• Outdoor dining areas
• Full Service Concierge and Valet Parking





Current Status
• CURRENT STATUS: Steel and concrete up approx 8 floors
• CONSTRUCTION: Cosmo is behind schedule due to the excavation needed for the project, but as of April 9, 2007 the first vertical steel girder was placed April 9 2007
• RESERVATIONS START AT: Effective April 2007
• each Club Tower Availability : Studios
o Hudson South View (Beach area and strip southward)
 585 $777,733
 688 $723,936
 188 $741,301
o Hudson North View (Bellagio Fountains)
 1799 $796,779
o Hudson East (direct view onto Strip)
 5279 $810,447
 6079 $820,596
o Hudson West ( mountain view)
 Currently sold out
o Madison North View (Bellagio Fountains)
 Currently sold out
o Madison South View (Beach area and strip southward)
 1887 $693,273
 3587 $742,321
 5086 $771,991
o Madison East View (direct onto Las Vegas Blvd)
 3280 $781,687
 5280 $802,423
o Corner One Bedroom Units “The Park”
o Southwest corner
 5082 $1,563,930
 1682 $1,424,596
o Northwest corner
 5082 $1,675,226
o Southeast corner
 5082 $1,563,930
 1682 $1,424,596
o WEST TOWER (casino/spa)
o ADA Units:
 Hudson South View: Unit 5104 $701,900
 Unit 2216 $669,500
• AGENT CO-OP: 5%
• DEPOSIT SCHEDULE:
o 10% At contract
o 10% 90 days later
o 10% July 1, 2008
o ALL UNITS ARE FULLY FURNISHED, TOTAL TURNKEY.
• HOA FEES:
o We refer to as “The Shared Component Fee” is approximately $370 per month for the studios and approximately $780 for the One Bedroom units




Project Description
Cosmopolitan Resort and Casino located next to the Bellagio is urban luxury at its best. Located on 8.5 acres, the two twin towers will rise 600 feet high in glass-and-concrete towers that rise-up from a five-level podium , with a glass-fronted entrance and rooftop pool and include 1000 hotel rooms and roughly 2000 condo-hotels with spectacular views of the Strip and the Bellagio fountains.
The steel-framed, glass low-rise will contain a 75,000-square-foot casino, a 150,000-square-foot convention center, a 50,000-square-foot spa and a 1,800-seat theater. There will also be 300,000 square feet of brand-name retail shops and restaurants accessible from the Strip
This $3 billion project showcases stunning architecture with panoramic view of the Strip and Red Rock canyon. Featured as Las Vegas “beachfront” property, Cosmopolitan offers the opportunity to “own it all, in the middle of it all.”
From you residential condo/hotel you'll reside in complete luxury in the heart of the Las Vegas Strip. Boasting to be just an elevator ride away from the casino, retail shopping, five star restaurants, theatres, and an on site beach club, Cosmopolitan Resort and casino also boasts Location, Location, Location….
This mixed used development is truly in the heart of the Vegas Strip excitement combining all the luxuries of an urban high rise with the benefit of a strong hotel management, amazing architectural design, and every amenity and attraction of the Las Vegas strip at you door step

Fun Facts about Las Vegas

Here are some useless bits of information that I found about Las Vegas. They can be accessed in the Avant Guide to Las Vegas.


Visit Their Web Site for more interesting ideas about Las Vegas.



Stupid Facts

Year first casino was licensed 1931
Current number of licensed gambling places in Las Vegas 1701
Approximate number of Las Vegas city residents 500,000
Approximate number of Clark County residents 1,500,000
Number of slot machines in the city 197,144
Annual visitors to Las Vegas, in millions 36.7
Percentage of visitors from Southern California 25
Percentage of visitors who say they come to Vegas mainly to gamble 5
Percent of visitors who end up gambling during their stay 87
Hours per day average visitor spends gambling 3.9
Annual state gaming revenue, in billions of dollars 9
Percent of Nevada's general fund fed by gaming-tax revenue 43
Average gambling budget per trip, in dollars 559
Number of people moving to Las Vegas annually 60,000
Average monthly apartment rent, in dollars 631.22
Average price for an acre of land in the Valley, in thousands of dollars 161
Price for a prime acre of land on the Strip, in millions of dollars 11
Number of hotel rooms 124,270
Average number of pillowcases washed daily at MGM Grand 15,000
Average nightly room rate, in dollars 66
Average length of stay, in nights 3.7
Number of conventions hosted annually 3749
Average number of Vegas weddings per day 315
Number of local golf courses 37
Amount in miles of lighted neon tubing on the Strip and Downtown 15,000
Percentage of county's population over 24 years old with college degree 13.8
Percentage of residents who claim to be religious 82.2
Percentage of population registered to vote 42.2
Percent of Nevada land owned by the federal government 87
Paved roads in Nevada, in miles 5429
Dirt or gravel roads in Nevada, in miles 33,010
Nevada's population growth since 1990, in percentage 83.3
Nevada's prison-population growth since 1990, in percentage 100.4
State's nationwide rank in gold production 1
Cost of Nevada marriage license, in dollars 35
Average cost of filing for divorce in Nevada, in dollars 450

Mortgage Rates

How Adjustable Rate Mortgages Work
During the last decade, Adjustable Rate Mortgages (ARMs) have increased in popularity among consumers. These days, few homeowners (especially first-time buyers) remain in their homes for more than seven years. In this case, it often makes sense to get an adjustable rate mortgage with a lower rate, especially one with a 5-year or 7-year fixed portion, since they won't have the loan long enough to be concerned about rate fluctuation.

Adjustable Rate Mortgages have three main features: Margin, Index, and Caps. The Margin is the fixed portion of the adjustable rate. It remains the same for the duration of the loan. The Index is the variable portion. This is what makes an ARM adjustable. Margin + Index = Interest Rate.

It's important to understand that there are many different indices: The 11th District Cost of Funds (COFI), the Monthly Treasury Average (MTA), The One Year Treasury Bill, the Six Month Libor, etc. Each index has its own strengths and weaknesses; some are slow moving, others are more aggressive.

The third and final component of Adjustable Rate Mortgages is Caps. Caps limit how much the rate can fluctuate over time. Annual Caps limit changes to the annual rate, whereas Life Caps provide a worst case scenario over the life of the loan.

Summerlin features new Boulder Ridge project

Summerlin features Boulder Ridge
Christopher Homes is selling a limited collection of 46 residences in Boulder Ridge in The Ridges Village of the master-planned community of Summerlin. Homes range from 4,000 to more than 6,000 square feet and are priced starting at $1.7 million.
According to Chris Stuhmer, chief executive officer and owner of Christopher Homes, each of the 46 home sites has been designed to optimize both front and rear views.
"Boulder Ridge features amazing views of the city, golf course and Red Rock Canyon National Conservation Area," he said.
"To maximize those views, we have added generous outdoor living areas on every home, such as sky decks, rooftop gardens and terraces. These areas will serve as a great place for entertaining as well as relaxing," Stuhmer said.
Residences at Boulder Ridge offer a standard option package that exceeds most custom home features, he said.
Standard amenities include disappearing doors, a stainless steel pivot front entry door, marble or travertine bath countertops and bath surrounds, Kohler fixtures and Viking stainless-steel kitchen appliances.
"We've combined the finest materials with the latest technology to offer our home buyers the highest standard of living," Stuhmer said.
Home buyers interested in Boulder Ridge will soon have the opportunity to visit one of three showcase homes, which is scheduled to open in November.
Boulder Ridge is one of several neighborhoods in the exclusive village of The Ridges.
The 800-acre village is home to multiple custom home neighborhoods; Club Ridges, a 10,000-square-foot clubhouse that features a fitness center, aerobic room, steam rooms, five lighted tennis courts, a lap and play pool and a park area; and Bear's Best Las Vegas, a golf course.
"The Ridges is a coveted address for those seeking unparalleled luxury in the Las Vegas Valley," said Peggy Chandler, senior vice president of community development for The Howard Hughes Corp.
Developed by The Howard Hughes Corp., an affiliate of General Growth Properties, Inc., Summerlin began to take shape in 1990 and is currently home to more than 95,000 residents.
With about 7,500 acres still to develop, including its urban core, Summerlin Centre, Summerlin is continuing to unfold.
Summerlin is home to more than 100 neighborhood and village parks, more than 150 completed miles of the Summerlin trail system, houses of worship, shopping centers, medical facilities, cultural facilities, business parks and more than 100 actively selling floor plans.
Single-family homes, townhomes, condominiums and lofts are available.
Prices range from the low $200,000s to more than $2 million.
Custom home sites in The Ridges are priced from the $500,000s. Luxury apartment homes offer monthly rents starting from the low $1,000s

Fed Cuts Rate What Now ?

WASHINGTON, Sept. 18 — The Federal Reserve today lowered its benchmark interest rate by a half point, a forceful policy shift intended to limit the damage to the economy from the recent disorder in the housing and credit markets.

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While an interest rate cut was widely expected, there had been profound uncertainty about whether the Fed would choose a more cautious quarter-point reduction. But the bolder action and an accompanying statement, both approved by a unanimous vote of the central bank’s policy-setting committee, made it clear that the Fed had decided the risks of a recession were too big to ignore.

“Developments in financial markets since the committee’s last regular meeting have increased the uncertainty surrounding the economic outlook,” the central bank said. Signaling that it might cut rates more if necessary in months ahead, it said it would “continue to assess” the economic outlook and “act as needed to foster price stability and sustainable economic growth.”

The decision, which reset the overnight lending rate between banks to 4.75 percent, was the Fed’s first rate cut in four years.

Stocks immediately soared. The Dow Jones industrial average registered its biggest one-day gain in almost five years, closing at 13,739.39, up 335.97, or 2.5 percent. The Standard & Poor’s 500-stock index rose nearly 3 percent.

For consumers, the Fed’s move could mean lower borrowing costs on for mortgages and automobile loans. But the impact may be muted, because investors remain deeply anxious about the credit quality of mortgages and other long-term loans. The main problem in the past month has not been high rates so much as the availability of capital to complete deals.

In a separate move to bolster the banking system, the Fed also said today that it had cut its discount lending rate, which applies to short-term emergency loans to banks, to 5.25 percent — also a half-point cut.

This was the Federal Reserve’s most abrupt reversal of course since January 2001, when it suddenly slashed rates at an unscheduled emergency meeting because of signs that the economy was slipping into a recession. The last half-point cut in the federal funds rate came in November 2002.

Economists said that the Fed’s move today was similarly pre-emptive. “Monetary policy makers are worried about growth being seriously compromised and are prepared to take whatever prudent steps they can to avoid a deep slump,” said Joshua Shapiro, chief United States economist for MFR.

Some aspects of today’s Fed’s move could fuel inflation fears. Gold, a traditional investment safe haven in times of inflation, soared immediately after the Fed’s decision was announced. As United States interest rates became less attractive for investment, the value of the dollar against the euro touched a new low before recovering slightly, and oil prices continued to climb even further above $80 a barrel.

In the stock market, financial stocks posted the biggest gains, reflecting the fact that banks now will face lower borrowing costs, which should help drive profits higher.

“Shock therapy,” was the assessment of Ethan Harris, chief economist at Lehman Brothers.

But Mr. Harris cautioned that the Fed stopped short of signaling a firm commitment to more rate reductions. While it dropped its previous statement that inflation was still the “predominant concern,” which would argue against using lower rates to stimulate the economy, the Fed said that “inflation risks remain” and that it would “monitor inflation developments carefully.”

David Rosenberg, chief North American economist at Merrill Lynch, said the Fed appeared deliberately ambiguous about its readiness to cut rates even further at its policy meetings in October and December.

“The Fed kept its cards much closer to its vest than anyone would have guessed,” Mr. Rosenberg said. “It’s not at all clear they think they have more to do.”

As recently as six weeks ago, the central bank was still predicting “modest” growth for the economy and warning that inflation remained its “predominant concern.” As in 2001, the Fed’s move today came after a panic in financial markets and the collapse of a speculative bubble. This time, the panic is in credit markets spooked by dubious mortgages on inflated housing prices. Back then, it was the stock market that crashed, initially because the air went out of inflated dot-com stocks.

When will my house sell

To hear people whine about the Las Vegas housing market, you'd think they were cats taking a bath.
Sure, home prices have receded from their all-time peak, which was just a year ago and followed a period of blistering appreciation. Las Vegas led the nation with quarterly appreciation of 40 percent and 50 percent in 2004.
Increased housing demand from mid-2003 through 2005 resulted in record numbers in both the new and resale home market.
The market has backed off, but the gains remain, he said.
Nine ZIP codes in Las Vegas Valley with depreciating home values in 2006 show net gains of anywhere from 9 percent to 81 percent since 2003, according to a midyear report from Coldwell Banker Premier Realty.
One sample neighborhood gained 16 percent in 2003, 45 percent in 2004 and 13 percent in 2005, appreciating more in three years than it would have in 20 years by historical standards.
Before 1999, Las Vegas was among the slower U.S. housing markets with annual appreciation of 1 percent to 4 percent. That's what made it one of the best housing values in the nation. Homes in master-planned Summerlin were selling for $66 a square foot at a time when a comparable home in Phoenix was selling for $115 to $120 a square foot.
Giving back 1 percent last year is a drop in the bucket.
"Few of us would pass on a stock market investment with a three-year return on investment of 73 percent," he said. "With the onslaught of negative press, many of us have forgotten about these record-breaking gains."
Two of the three worst-performing ZIP codes in 2006 have had a price increase and two areas had an equal or higher number of sales.
ZIP code 89044, near Henderson Executive Airport, has an average sales price of $386,135 this year, compared with $381,209 in 2006. The high-end west Summerlin neighborhood of 89135 saw a slight increase from $654,620 to $656,320. In the 89084 area of Aliante in North Las Vegas, prices declined from $330,971 to $314,103.
ZIP code 89086, a new area of North Las Vegas, had the lowest net gain of more than 50 ZIP codes in the valley at 9 percent for the 12-month period from 2005 to 2006. Before 2003, 9 percent appreciation for 12 months would have been exceptional, Hamrick said.
Larry Murphy, president of SalesTraq, said he compared first-half prices of 2007 to first-half 2006 at his midyear housing outlook and every area was negative.
"Everybody is whining and crying in their soup about the market being down and they're losing equity in their home. That's true for the last 12 months," Murphy said.
He compared home prices in master-planned communities from 2003 to 2007 and found that average appreciation was 68 percent. Spanish Trail had the greatest appreciation at 93 percent.
Some areas of the valley depreciated by as much as 16 percent in 1984, making last year's 4 percent depreciation in 89044 seem trivial by comparison.
Home prices have risen so high in Las Vegas that the city is now ranked among the 10 least-affordable U.S. real estate markets by Forbes.com. Los Angeles is No. 1, followed by San Francisco, San Diego, New York, Miami, Sacramento, Calif., and Las Vegas. Rounding out the top 10 are Seattle, Boston and Orlando, Fla.
Affordability has a great deal to do with where a city is in its growth cycle.
"Five years ago, Las Vegas was one of the nation's most affordable cities, thanks to a rash of development," Forbes.com reported. "Today, growth has slowed enough that less than 20 percent of home sales last quarter were available to households at the median income level."
The median price of a "traditional" new home in Las Vegas, excluding high-rise and mid-rise condos and apartment conversions, was $314,551 in July, down 6.2 percent from a year ago, Dennis Smith of Home Builders Research reported.
With the number of homes on the market topping 30,000, including condos and townhomes, absorption rates have increased and will continue to do so until homeowners, banks and mortgage companies adjust to the importance that list price is playing in this market.
The inventory of homes in the $150,000 to $250,000 range was absorbed in 2.3 months in 2006; in 2007, it's 10.5 months. Home inventory in the $250,000 to $400,000 range took 5.8 months to sell in 2006; now it's 10.8 months. Absorption of $400,000 to $600,000 homes went from 9.2 months last year to 15.1 months this year.
About one out of every 16 homes that come on the market will sell, Some of them are only on the market for a few days or a few weeks.
"These are the properties in the best condition and priced correctly with little or no room for negotiation," he said. "Houses are still selling, but we have to be realistic about what other units have sold for. Frankly, most appraisers are looking at only the last two or three months. In some neighborhoods, we have sellers who are willing to price below comparables."
Murphy of SalesTraq said Las Vegas has a 15.3-month supply of homes by his count. Supply continues to go up as it has for the last two years and prices have been gently sliding, an indication that the housing market has not yet reached bottom, he said.
Price is one factor in home sales, but it's not the only factor, Hamrick said. With all these homes on the market, buyers can choose from a selection of 10 to 20 homes, not two or three, so "staging," or presenting the home for sale, is critical.

What Bubble

This makes me mad every time I see it. Either the National Association of Business Economists is full of people with no real business experience or fools.
This is a headline from a major online Real Estate publication,
"Economists See Credit Problems as Bigger Threat than Terrorism."
I know they were all alive just seven years ago when terrorism cost the lives of three thousand American citizens. That headline goes beyond sensationalism. It is rude and insensitive.
The article goes on to say that one in three members of the NABE, "...Said the housing boom can be described as a 'serious National bubble." Then later in the article three in four said they would "buy a house today if they intended to use it as their primary residence."
Would someone please tell these academic fools that housing is local in nature? While many major markets suffered and are suffering from the over-zealousness of investors followed by the over-zealousness of foolish sub prime lenders; there are many markets that are healthy and many more that are suffering a softening but nothing close to a collapse.
These gloom and doom headlines supported by a minority of questionable economist opinions feed the problem they are describing. While the facts support the opposite conclusion. Even the economists own research supports the opposite conclusion.
In the same article, "Asked to look five years into the future, 42 percent expected US home prices to remain flat, 41 percent said prices would rise." How did 34 percent of the same group call this a bubble that is fed by a threat bigger than terrorism.
Let's give credit where it is due. "59 percent still say there is no national housing bubble, only significant local bubbles. Another 8 percent said there's no bubble at all and that the market is functioning correctly."
Hooray for those groups. They got it right. There are some local bubbles where there were hundreds and thousands of development parcels and homes developed and built in anticipation of future sales and the sales that were feeding that demand was investor speculation (Boise and Sarasota to name two).
In late 2005 and through 2006 the investors realized that the boom was being fed by their own demand so withdrew. This left a tremendous inventory in some cities or areas of cities.
Unfortunately, in 2006, the secondary market lenders realizing that they had allowed a foolish combination of underwriting standards for the previous five years or so immediately followed this. They were buying loans that allowed buyers to have both, little or no down payment and marginal credit. How this happened (and who should be prosecuted for it) is a mystery that will likely to remain such.
The result was that in some communities around the country, particularly where there were high priced homes and with less sophisticated buyers; many of these mortgages were used to purchase homes. That created additional pockets of excess inventory which stalled prices in those areas.
Now in the fall of 2007 the majority of lenders loaning jumbo loans, over $417,000 have stopped funding these high-end loans for some period. This will further increase inventory and dampen prices in some areas.
Notice the language, dampen prices in some areas. Most of the country is experiencing a normal buyer's market that normally follows a long healthy seller's market.
The latter group of economists put it perfectly. The market is functioning correctly. In 1986 after two to three years of a soft buyer's market not unlike what we are experiencing now (Although it was driven by different causes.) there was a long strong period of a healthy seller's market with steady appreciation.
There was a momentary softer buyer's market around the Gulf War in 1991 (although not caused by it) followed by over a decade of a healthy buyers market that lasted until 2006. If we learn from history strong seller's markets last longer than softer buyer's markets.
So again, the economists got this right. The same article said 58% of the economists predicted a 'meaningful' recovery in U.S. housing markets before the second half of 2008 or in the second half of 2008. The majority of the other 42% predicted the recovery in 2009.
This is completely consistent with history. This two or three years of soft buyer's market with slightly flattening prices will likely be followed by five or more years of a healthy seller's market with equally healthy price appreciation.
REALTORS® all learned in their first Real Estate class that the market is driven by supply and demand. As long as there is an increasing population of people with reasonable or better incomes, the demand will keep the market healthy.
Add to that the fact that the Federal government repeatedly states that they realize that the Real Estate market is critical to the health of the economy and they will do whatever is necessary to keep mortgage money available.
It all adds up to a principle residence continuing to be the safest and smartest investment for a person living in this fabulous nation. (Just be careful of areas that have experienced rapid appreciation for more than twenty-four months. There could be a windfall or just a fall looming.)
If you are associated with Real Estate, please separate the sensationalism from the truth. If you are in most communities in this country, everything is pretty normal. Prices are appreciating a little slower but still appreciating. Houses are on the market longer. Buyers are fussier. Yes, it is tougher to sell Real Estate. But you still have one of the best jobs in the world with more personal freedom and opportunity for success than any other business person or professional on earth.
If you are in one of those tougher markets, my heart is with you. You do have an uphill battle for another twelve to twenty four months. You have my strongest wish that you can survive and succeed through this. If not, come back to the business in a couple of years. I feel comfortable promising you that the good times will roll again in the not too distant future.
I love this business for what it provides to our society, the people in it, and the strong bright professionals that make me proud to be a part of it.

Has The Market bottomed out?

There is some truth to the statement the market has finally bottomed. Over the last few months we have seen mortgage companies pull back, change programs and then ultimately close their doors. Unfortunately, we may see a few more failures but as far as programs available we have bottomed out. "So what is left?" If you were in the business like I was in 2000 the average buyer had money down, good credit, wanted a 30 year fixed and could verify their income. Today we have come full circle. This is the ideal candidate for those investors that remain.The difference from then to now is that we still have 100% financing loans. The requirements for approval are considerably different then they were three months ago but they are still there. Regrettably, foreclosures and short sales will continue and it may be some time before we are able to determine what the true value of a home is. We can move this process along if you are familiar with which clients qualify and for what amounts. For the time being it would be prudent to inquire about income verification. If a client has to go stated then I would make sure they have at least 10% down payment. If they have had challenged credit then be prepared to use the FHA. In Clark County, the maximum loan limit for FHA loans is $304,000.00. If you want to use one of the 100% loans offered for lower income clients then make sure their income does not exceed $59,050.00. If your client is looking for interest only then they should have high FICO scores. Lastly, if your client is considering a jumbo loan which is a loan amount greater than $417,000.00, be prepared to pay a higher rate. Currently these rates are being quoted at 7.5% for a 30 year fixed.