Mortgage Rate Update
October 23rd, 2009 categories: Sacramento Mortgage Information
Sacramento Mortgage Rates Up Slightly
Mortgage rates increased this week over last week. While the increase is nominal, as the economy continues to improve, rates will continue to move up.
Remember that mortgage rates are completely fluid and change from moment to moment.
The average rate according to FreddieMac.com for the week ending 10/22 was 5.00% for a conventional 30 year fixed rate mortgage, up from 4.92% last week.
Rates this time last year were 6.04% for the same loan.
Frank Nothaft, Freddie Mac VP and Chief Economist said this week:
1) Mortgage rates followed bond yields edging up slightly this week.
2) The Federal Reserve is observing housing market conditions have been improving in the second half of the year primarily from the sale of lower to medium priced homes. (that’s what we’re seeing in the Sacramento real estate market too,)
3) Residential construction is still weak in most areas. (New homes) Homebuilder confidence is lower in October, the first decline in confidence since January. (this explains all of the emails and faxes I’ve been getting from the builders with quick move in specials)
Local Lender Quotes
Quotes from all local lenders are subject to change as mortgage rates constantly fluctuate.
Pat Murphy, Guild Mortgage, 916-212-9451
“Wow, rates were still at 5% for Conventional, FHA and VA 30 yr loans!
How long can this keep up?! Or should I say DOWN?
Rates change constantly. Contact me to review your possibilities at (916) 212-9451 or pat@patmurphyloans.com
Stephen Hart, Masters Team Mortgage, 916-719-4295
“We did see a slight positive movement with the Mortgage Backed Securities (MBS) at the close of the markets today. Still no definite word regarding an extension and/or expansion of the current tax credit. We do expect to finish this calendar year with mortgage rates staying in the same relative range with slight upward trends.”
Have an amazing weekend, call or email me if I can help you with anything.
All lenders on my site have my complete confidence. Please call either of them for a quote or question. They are happy to be of service.
Thanks for visiting!
