Mortage rates improved today! However if you are closing on a home loan in the next 30 days take this moment as an opportunity and lock your rate.
In case you want to know what caused mortgage rates to get better today:
Remember that bad economic news causes mortgage rates to drop and good economic news causes mortgage rates to rise.
Japan raised Its disaster level to the same level as Chernobyl did many years ago. The International monetary fund is pessimistic about US and global economic growth, food and gasoline prices have increased, weaker earnings from Alcoa and Cisco announcing job cuts all spell bad news for the stock market and good news for the "safer" bond market where mortgage loans are considered safer investments than stocks.
Current mortgage rate trends for those seeking mortgages in San Diego are looking good if buying a home or refinancing an existing home. Mortgage rates may remain at their current level for a few months but do not be fooled, mortgage rates will definitely go higher.
How to Shop Mortgage Rates
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I have many clients looking for homes who ask about short sales.
Short sales are properties that are sold for less than what is owed. A property owner's short sale agent asks the bank to accept a lower offer and allow their home seller to walk away.
Can you buy a property for less than it is worth if it is a short sale?
* Qualified & experienced short sale specialists increase your chances of buying the property under market value.
* Experience is required to know which forms to file and more importantly when to file them.
* Short sale specialists get "priority" because they forge relationships with a banks short sale staff
* Laws and methods must be followed, timing of filing necessary documents is critical
If you are interested in listing or buying short sale property in Northern and coastal San Diego, contact Melissa Zavala.
Having worked for several years as an active Broker/Owner in San Diego County, Melissa has become a master at closing pre-foreclosure transactions. This is beneficial to owners of distressed properties, and other Realtors® as well.
Hundreds of real estate agents located in San Diego County and throughout California have hired her team to negotiate their short sales. These agents understand the value of outsourcing administrative tasks, and have tripled their income as a result.
If you are working short sales or would like to learn more about short sale negotiations, visit her website or give her a call today!
Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Friday, 4th December, 2009:
Conforming Term Rate APR Payment Conf. APR Payment
per $1,000 Jumbo APR per $1,000
Term
Conforming
APR
Payment per $1,000
Jumbo
APR
Payment per $1,000
30-Yr. fixed
360
4.625%
4.796%
$5.14
4.75%
4.767%
$5.22
15-Yr. fixed
180
4.125%
4.419%
$7.46
4.25%
4.280%
$7.52
7-Yr. fixed ARM
360
3.75%
3.912%
$4.63
%
0.000%
$0.00
5-Yr. fixed ARM
360
3.5%
3.660%
$4.49
3.500%
3.516%
$4.49
10 Yr. fixed ARM
360
4.375%
4.543%
$4.99
%
0.000%
$0.00
5-Yr. Interest Only
360
3.625%
3.786%
$3.02
%
0.000%
$0.00
*Rates are subject to change due to market fluctuations and borrower's eligibility.
Certain credit requirements and other conditions apply. This is not a guarantee to lend. Rates based on a 12 day lock period and a minimum loan amount of 165,000. Credit determination must be made prior to approving rate. Equal opportunity lender. CA DRE Lic.#01366552 FPF CA DRE Lic#00654852 Nevin's NC Lic#I139451 First Priority Financial NC Lic# B-146523-101 OR ML3337 WA 510-MB-30588-51099
