Sacramento Real Estate Views

Sacramento Mortgage Rate Watch

Rates Change Little This Week

Mixed economic data kept interest rates stable this week.  Not much change from last week.  The average for a 30 year fixed rate mortgage this week is 5.42% up from 5.38% last week.  Although this is uptick, it’s still considered flat or stable movement.

Comments from Frank Nothaft, Freddie Mac VP & Chief Economist…

1) Mixed economic reports have held rates flat.

2) Existing home sales rose for the second consecutive month in May by 2.4%

3) The median sales price was 16.8% lower than the same time last year (there’s a shock!) 3.4% lower than in May of this year. (nationwide average)  Sacramento median home price was down only 1.2% in May while California as a whole increased slightly.

4) The inventory of unsold homes has decreased 15.3% below levels of May 2008.

Good News

Mortgage applications are up since the stabilization of interest rates according the Mortgage Daily News.  I think it’s more like they are up because of the recent spike in interest rates and folks realizing that it’s a good time to get into a home or buy investment property.

Demand for applications rose 6.6% the week ending June 19th.  Mortgage applications had been steadily declining since mid April.  This is a good sign for the housing market.

Looking for more information about mortgages?  I’ve got some very good lender referrals who can help you get it done.  Please call me if I can help out.

Thanks for visiting!

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Tags: mortgage rates sacramento

This entry was posted on Thursday, June 25th, 2009 at 12:27 pm and is filed under Mortgage Information. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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