Sacramento Real Estate Views

Home Loan Interest Rates Down

Mixed Economic News Keeps Rates At Historic Lows

I’ve been in the real estate industry for 8 years and have been spoiled the entire time with interest rates that have never gone above about 6.5%.

Historically, I know, as with this housing downturn nationwide, that it can’t last.  The “good” market didn’t last, low interest rates won’t last either.

Currently, low rates are the one bright spot in the entire picture.  First time homebuyers or people new to home buying just don’t appreciate how low rates are by historical standards.

Since 2001, the average weekly interest rate on a 30 year fixed rate mortgage has been at or below 6.97%.  That is an incredible run of low interest rates.

From 1975 to 2001, only once, in 1998, did the average weekly interest rate for at 30 year fixed rate mortgage dip below 7%, the high being in 1981 at 16.63%!

Interest rates, from a historical perspective, are very low.  Taking advantage of them will pay off in the long term.

Freddie Mac Drivel For The Week!

At least the information is mixed this week instead of all bad!  We’ve got that to be thankful for.  It looks like the recovery is firmly established.  For now.  LOL

Frank Nothaft, the Big Wig, Head Economic Honcho from Freddie Mac said this week:

1.  Mortgage rates eased this week from mixed economic data.  The 30 year fixed rate averaging about 4.91%.

2.  Pending home sales fell 7.6% which was unexpected.  (Surprise!)

3.  Job losses were low this week in comparison to numbers over the last year shedding only 36,000 jobs for the week, fewer than expected.

4.  The unemployment numbers were stable at 9.7% nationwide.  (it’s higher here in the Sacramento region)

Overall, not a bad report.  These are recovery numbers.  How low can they go!

Back At The Ranch…

The following quote is from one of my favorite local mortgage brokers.  Pat has stayed with me even when I failed to publish the weekly mortgage post.  Thank you for your diligence Pat.

If you’re looking for a mortgage broker, she is one of the best in the business.  Give her a call.

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

“We’re holding steady this week at 5% on the 30yr fixed rate mortgage as of this morning.  As you know, rates change constantly; sometimes more than once in a day!  But the real urgency is that in order to take advantage of the Federal first time homebuyer $8,000 tax credit, you must be in contract to buy a home by April 30^th !  “First time homebuyer” is anyone who hasn’t owned a home for the past three years.  If that’s you, don’t wait!  Contact me at (916) 212-9451 or pat@patmurphyloans.com, because I would love to help you finance your dreams!

Free Advice – Honest Loans

Thanks Pat!  Looking for a home loan resource?  Fill out the form below and I’ll have one of my referrals call you within 24 hours.

Thanks for visiting!

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Related posts:

1. Mortgage Rates At ALL TIME LOW!
2. Mortgage Guidelines Are Getting Tougher!
3. Total Number of Homes for Sales Increases

Tags: home loans sacramento, sacramento mortgage interest rates

This entry was posted on Sunday, March 14th, 2010 at 10:49 am 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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