Sacramento Real Estate Views

Mortgage Rates Are Still Going Down

How Long Can This Last?

Honestly, I thought we’d seen the last of rate declines in 2006.  This is making that look ridiculous!

Rates are now the lowest that they’ve ever been or at worst are tied for the lowest rates have ever been.

On Thursday, FreddieMac.com came out with a report citing the interest rates averaged about 4.68% down from 4.71% the week prior.  That is SO low!

I had a potential client of mine tell me on Saturday that he got a quote for a conventional 30 year fixed rate mortgage, 20% down, at 5.5% and his credit scores were very good.  This seems as if it too high and I advised him to get a second opinion as you should if your quoted interest rate seems too high.

As of just now, rates are at 4.68% for a 30 year fixed rate mortgage. That will change so follow up with your lending resource for an update on rates. If you don’t have a lending resource, please let me know and I’ll be happy to refer you one of mine.

From FreddieMac.com

1)  Interest rates have never been this low since they started tracking it in 1971. (Wow!)

2)  Last year at this time the rates for the 30 year product was 5.53%

3)  Low mortgage rates and low housing prices are producing highly affordable housing conditions nationwide.

4)  New and existing home sales were 36% higher than in January and pending sales have gone up every month for the last 9 months.  7 of those months were THE MOST AFFORABLE HOUSING MARKETS ON RECORD SINCE 1971.

Now that’s news!

From Our Local Lenders

Pat Murphy, Guild Mortgage, 916-212-9451

pat@patmurphyloans.com

“Rates are starting to creep up a bit but are still under 5% at 4.875% this morning!  Yes, funds are available for many loans.  Yes, opportunities to buy have never been better.  Yes, you can often refinance.  Yes, you can!  Let’s find out exactly what you are entitled to!

Contact me for Free Advice – Honest Loans”

As always, please keep in mind that rates are subject to change in any moment.  They are very liquid and change moment by moment.  For the most up to date rates, please give Pat a call.

Thanks for visiting and Happy Holidays to all!

Related posts:

1. Mortgage Rates At ALL TIME LOW!
2. Home Loan Interest Rates Down

Tags: mortgage rates, Rocklin, Roseville, sacramento

This entry was posted on Monday, December 7th, 2009 at 1:49 pm and is filed under Sacramento 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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