Sacramento Real Estate Views

Sacramento Mortgage Rates Decline

Rates At Lowest Level In 3 Months

FreddieMac.com reported today that the average interest rate for a 30 year fixed rate mortgage is at it’s lowest point in the last three months.

This week’s mortgage rate survey came in with an average rate of 5.12% for a 30 year fixed rate mortgage.  In last week’s survey, the average rate was 5.29%.  Last year at this time, the average rate was more than a point higher at 6.47%. Big difference!

Frank Nothaft, VP and Chief Economist at FreddieMac said this week:

1)  Bond yields are down. (interest rates tend to follow bond yields)

2)  Interest rates are at their lowest levels since May. (it’s time to buy, again!)

3)  Low mortgage rates are helping to reinforce the housing market. (duh!)

4)  New construction of single family homes is up for the 5th consecutive month, highest level since October, 2008.

5)  Optimism has gone up for home builders.  Builders are becoming more positive about the future.

Local Lenders Quotes

As you can see from the brief historical data given here, interest rates are subject to change on a moment by moment basis.  They never stay the same for any length of time.

Please call the lender of your choice for the most current pricing and rates for the most up to date information available.  Here are this week’s quotes from my most reputable lending sources.

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

· Conventional 30 year fixed at 4.875% (yep, it’s real!)

· FHA 30 year fixed 5.25%

As an ex-US Navy submariner, I love helping fellow veterans.  Vets can still get 100% financing!

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.

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

“Par for 30-year conventional loans today is 5.125%, with buy downs available to 4.625%.

Rates do change constantly and have been bouncing up more often than down lately, so it is a good time to get pre-qualified and meet your home financing goals while rates are still low.

Loans available for most credit situations – call me and let’s see what your possibilities are!”

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

“Hello home buyers, believe it or not, I still have conventional rates available for 30 year fixed in the high 4′s and low 5′s. We have seen mortgage market improvements but this segment of the economy is still very volatile.

This information notwithstanding, we are still in a buyer’s market with prices at very low levels and rates at historic lows.

This is definitely a great time to buy, especially for the first time home buyers eligible for the tax credit of up to $8,000. The transactions must close and record on or before November 30, 2009 to qualify for the tax credit.

Any questions, please call me at — 916-988-5858 and ask for Stephen — the lender with ‘Hart’.”

Please remember that rates change constantly.  Please call for current pricing and rates.

Thanks for visiting!

Tags: 30 year fixed rate mortgage, mortgage rates sacramento