Sacramento Real Estate Views

Mortgage Rate Update

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

pat@patmurphyloans.com

“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

stephenhart@helloworld.com

“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!

Tags: sacramento mortgage rates

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!

Tags: sacramento mortgage rates

Mortgage Rates Edge Up

Economic Improvement Push Rates Higher

The national average interest rate for a 30 year fixed rate mortgage edged up this week from last weeks 5.22% to 5.29%.  As the economy improves, and all indications are that the recession could be losing steam, rates will continue to go up making your home purchase more expensive.

Getting the best deal is now possible while rates AND prices are at very low levels.

Last year at this time, mortgage rates were 6.52% for the same mortgage.

Frank Nothaft, Freddie Mac VP and Chief Economist , cited the following reasons for the increase:

1)  July’s unemployment report showed a slight improvement in the labor market.

2)  The unemployment rate ticked down to 9.4% in July; fewer jobs were lost.

3)  43,000 were added to payrolls in May & June.

4)  Median home prices rose in 17 major metro areas.  Lots of growth going on across the country.

Locally, prices since the first of this year have gone up almost 10% across the board in the region.  A good sign of much needed growth.  Let’s hope we’ve established a longer term trend.

Quotes From Local Lenders

Below are lenders with whom I’ve had the pleasure to work with.  They all have my endorsement.  Please feel free to call any one of them with any mortgage questions you might have.

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

“Conventional 30 Year Fixed 5.25% – FHA 30 Year Fixed 5.38%

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.

Rates constantly fluctuate.  Give me a call for the most current pricing.”

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

“Interest rates for a 30 yr fixed conforming loan have remained steady at 5.375% all week with a possible buy down to 4.75%.  FHA, VA and conventional loans are available.  An extra 5% of the purchase price may be borrowed to weatherize your new home and save you money!

Call me to get pre-qualified for a more desirable offer on the home you want.  Please call or email for current pricing.”

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

“Our 30 yr. conforming fixed rates are currently as low as 5.0%.

Mortgage rates are super volatile and are changing multiple times daily, give call me for current pricing.

Hottest product – flip without 90 day seasoning of title transfer!”

Interest rates are subject to change without notice.  Please call or email for current pricing on all mortgage products.

It cannot be over-emphasized that interest rates are predicated on economic factors and constantly fluctuate.  They can be completely different at any given time.  The rates stated above may not be available or if they are, discount points may have to be purchased to obtain that rate.

Looking for help purchasing a home?  Please contact me if I can help you in any way.

Thanks!

Tags: sacramento mortgage rates

Sacramento Mortgage Rates – 8/6/09

Rates Low Again This Week But It Won’t Last!

Better than expected economic news kept rates lower this week.  The average rate for a 30 year fixed rate mortgage is 5.22%, down from last week’s rate at 5.25%.  Last year at this time, the rate for the same product was 6.52%.

According to Frank Nothaft at FreddieMac.com:

1) Better than expected economic data kept rates low this week.

2) The economy slowed by an annual rate of 1% in the second quarter. This was more positive than market forecasts.

3) Homebuyer demand has improved aided by high levels of housing affordability.

4) The last 6 months has been the highest degree of housing affordability since they started tracking it in 1971.  As a result, pending sale numbers, homes under contract, has increased at the highest rate since July 2003.

Sacramento Area Mortgage Rates

This week, I’m adding to the weekly mortgage what some of our local lenders have to offer giving you a variety of programs and rates to chose from should you need them.

Please remember, mortgage rates are very volatile and change constantly.  The rates posted here may or may not be available and are valid for the moment when they are posted.

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

“Our 30 yr. conforming fixed rates are currently as low as 4.875%. Mortgage rates are super volatile and are changing multiple times daily, give call me for current pricing. Hottest product – flip without 90 day seasoning of title transfer!”

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

“Rates at Guild Mortgage for a 30 year conventional fixed loan are at 5.375%, and I think the FHA streamline refinance loan is still a great deal!”

Interest rates are subject to change without notice.  Please call or email for current pricing on all mortgage products. Thanks!

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

“Rates for a FHA 30 year fixed 5.5%.  Conventional 30 year fixed 5.38%.  Lower rates available with discount points paid by borrower. Specializing in FHA with 580 credit scores and VA products. There will be a pricing adjustment today however as bonds are in down and the economic indicators have been friendly.  Call for current pricing on all products.”

Interest rates are subject to change without notice.  Please call or email for current pricing on all mortgage products.

It cannot be over-emphasized that interest rates constantly fluctuate and they can be completely different at any given time.  The rates stated above may not be available or if they are, discount points may have to be purchased to obtain that rate.

Looking for help purchasing a home?  Please contact me if I can help you in any way.

Thanks!

Tags: sacramento mortgage rates

Mortgage Rates Increase in Sacramento Real Estate

Rates Up Slightly

Rates have increased slightly this week, up from 5.14% to 5.20% on average, 5.19% in the west.  Lower rates are possible these are just the averages across the board.

This time last year, rates were at 6.63% for a 30 year fixed rate product.

According to FreddieMac.com, this is the first increase in the last 4 weeks and is attributed to the perception that we are past the worst of the housing mess as indicated by recent reports about home values and new construction data. Frank Nothaft, Freddie Mac VP and Chief Economist said:

1) Prices were down 5.6% between May of 2008 and May of 2009, the smallest year over year decline since June of 2008.

2) New construction of single family homes increased 14.4% in June. (not in the west)

3) New home builders are feeling better about the market and optimism is at a 10 month high.

Although rates have gone up slightly, it’s not enough, in most cases, to stem buying activity.  Rates are still lower and have remained low for years.

The only question remaining is what will values do.  Most think that we will have further declines in home values.  While there are a lot of factors determining that, I see that we are bouncing along the bottom of the market for now but time will tell.

Looking for a  home to buy in the Sacramento region?  Whether it’s Sacramento or Placer county, give me a call and we’ll help you get there.

Thanks for visiting!

Tags: interest rates sacramento, sacramento mortgage rates