Each week the Dalzell Group provides you with a mortgage market update for the San Diego real estate market. Whether you’re looking to buy a condo in Carmel Valley or a luxury estate in Rancho Santa Fe, check back frequently to get the latest mortgage news.
This week Mortgage Bonds are higher so far (reminder: higher bond prices = lower mortgage rates), after yesterday’s wild ride in which prices dropped due to the poor auction results, but then moved higher after the Fed statement was released.
In today’s news, initial jobless claims came in below expectations. Bonds worsened initially on the headline, but have since moved back to positive territory. Existing Home Sales were also reported less than expected. However, the inventory of unsold homes fell to the lowest inventory level since April 2007.
Traditional Conforming Loans Loans Under $417,000
Description Rate Points APR
30 Year Fixed 5.000% 1.00% 5.378%
5 Year Fixed 3.875% 1.00% 4.253%
New Conforming Loans Loans Between $417,000- $697,500
Description Rate Points APR
30 Year Fixed 5.250% 1.00% 5.628%
5 Year Fixed 4.250% 1.00% 4.628%
Non- Conforming Loans Loans over $697,500
Description Rate Points APR
30 Year Fixed 6.500% 1.00% 6.878%
5 Year Interest Only 5.125% 1.00% 5.503%
FHA Conforming Loans Loans Under $417,000
Description Rate Points APR
30 Year Fixed 5.000% 1.00% 5.378%
FHA Conforming Loans Loans Between $417,000-$697,500
Description Rate Points APR
30 Year Fixed 5.250% 1.00% 5.628%
Rates are still at low levels but the long term forecast is for them to rise, so now is the time to act if you are serious about buying in the near future. For a referral list of trusted and proven mortgage professionals call the Dalzell Group
