Sacramento Real Estate Views

Mortgage Rates Edge Up

Economic Improvement Push Rates Higher

The national average interest rate for a 30 year fixed rate mortgage edged up this week from last weeks 5.22% to 5.29%.  As the economy improves, and all indications are that the recession could be losing steam, rates will continue to go up making your home purchase more expensive.

Getting the best deal is now possible while rates AND prices are at very low levels.

Last year at this time, mortgage rates were 6.52% for the same mortgage.

Frank Nothaft, Freddie Mac VP and Chief Economist , cited the following reasons for the increase:

1)  July’s unemployment report showed a slight improvement in the labor market.

2)  The unemployment rate ticked down to 9.4% in July; fewer jobs were lost.

3)  43,000 were added to payrolls in May & June.

4)  Median home prices rose in 17 major metro areas.  Lots of growth going on across the country.

Locally, prices since the first of this year have gone up almost 10% across the board in the region.  A good sign of much needed growth.  Let’s hope we’ve established a longer term trend.

Quotes From Local Lenders

Below are lenders with whom I’ve had the pleasure to work with.  They all have my endorsement.  Please feel free to call any one of them with any mortgage questions you might have.

Tim Clark, Capitol Mortgage, 916-960-0388, tclark@capitolmortgage.com

“Conventional 30 Year Fixed 5.25% – FHA 30 Year Fixed 5.38%

I’m getting many calls on my FHA 30 Year Fixed loan with lower FICO scores (down to 580).  They’re buyers that most banks/brokers won’t touch.

Rates constantly fluctuate.  Give me a call for the most current pricing.”

Pat Murphy, Guild Mortgage, 916-212-9451, pat@patmurphyloans.com

“Interest rates for a 30 yr fixed conforming loan have remained steady at 5.375% all week with a possible buy down to 4.75%.  FHA, VA and conventional loans are available.  An extra 5% of the purchase price may be borrowed to weatherize your new home and save you money!

Call me to get pre-qualified for a more desirable offer on the home you want.  Please call or email for current pricing.”

Stephen Hart, Masters Team Mortgage, 916-719-4295, stephenhart@helloworld.com

“Our 30 yr. conforming fixed rates are currently as low as 5.0%.

Mortgage rates are super volatile and are changing multiple times daily, give call me for current pricing.

Hottest product – flip without 90 day seasoning of title transfer!”

Interest rates are subject to change without notice.  Please call or email for current pricing on all mortgage products.

It cannot be over-emphasized that interest rates are predicated on economic factors and constantly fluctuate.  They can be completely different at any given time.  The rates stated above may not be available or if they are, discount points may have to be purchased to obtain that rate.

Looking for help purchasing a home?  Please contact me if I can help you in any way.

Thanks!

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Tags: sacramento mortgage rates

This entry was posted on Thursday, August 13th, 2009 at 10:36 am 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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