Sacramento Real Estate Views

Sacramento Mortgage Rates

National Averages Show Rates Decrease But…

While FreddieMac.com showed a decrease in average mortgage rates on Thursday morning, this has already changed in the marketplace as of Thursday afternoon.

Rates have been going up since yesterday with better than expected economic data coming in.

Jobs have been shed at a slower rate than Wall Street expected, some companies are beginning to show a profit for the first time this year AND fewer people seem to be receiving unemployment benefits.

All of these indicators and more have resulted in the pricing of a 30 year fixed rate mortgage to go up over yesterday’s average low of 4.87% to somewhere around 5%.  Because rates change moment by moment, they could be different by the time this article is published.

With an interest rate buy down, rates can always go lower than published.  See Pat’s comment about the buy down below.  Additionally, if you’re offer is structured accordingly, the seller could pay your buy down points for you.

Local Lender Quotes

Tim Clark, Capitol Mortgage, 916-960-0388

“The reports you get from Freddie are a snapshot of the market at a particular instant and is usually outdated within minutes of publication.  Rates move every day, and can move multiple times within the same day (like today).   Rates ARE up from yesterday, but are below where they were two months ago.  Determining whether rates are up/down depends on what time frame is being measured.

Conventional 30 year fixed:  4.75%.  FHA 30 year fixed: 4.88%.  CalPERS Conventional 30 year fixed:  4.88%.”

Stephen Hart, Masters Team Mortgage, 916-719-4295

“Thursday afternoon mortgage pricing increased causing rates to go up approximately .25% across the board to the mortgage rates listed below. This is what we are experiencing. I had a .375 price deterioration (increase) in rates yesterday afternoon, I just received a price change for the worse from another bank today for an additional .25 pricing increase.

On rates – 30yr, fixed rate now at 4.75%. Jumbo, 30yr fixed – 5.0%. FHA, 30yr fixed 4.875%.”

Pat Murphy, Guild Mortgage, 916-212-9451

“This morning’s (10/08) 30 yr fixed rate was at 4.75% with buy down available to 4.375%.  With a 15 yr rate, the buy down was to 4.125%!  These quotes are not guaranteed, as rates change constantly so please don’t let this opportunity pass you by!  Even if you don’t think you would qualify, a review of your situation with a professional may surprise you!  Please contact me at (916) 212-9451 or pat@patmurphyloans.com.”

All of the lender resources on my blog have competitive rates with each other.  The rates their companies offer is not the reason why I have personally selected them to feature themselves on my site.  They are featured on my site because they are some of the best lending referrals in the Sacramento region.

If you’re looking for a mortgage professional, please feel free to contact whomever you feel comfortable contacting.  Always remember, rates are subject to change by the moment.

Thanks for visiting!

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Tags: sacramento mortgage rates

This entry was posted on Friday, October 9th, 2009 at 1:41 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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