Your weekly dose of San Jose Mortgage Rates, Real Estate Trends and top Economy news. The week that was: Freddie Mac in its Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending February 18, 2010. The 5-year adjustable-rate mortgage (ARM) averaged 4.12 percent this week, with an average 0.5 point. The National Association of Realtors (NAR) reported that existing home sales rose in 48 states and the District of Columbia between the third and fourth quarters of 2009; 32…
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Month: February 2010
San Jose Mortgages Rates & Market Commentary 02/08/10
Your weekly dose of San Jose Mortgage Rates and Market Commentary. The Week That Was: Freddie Mac in its Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage averaged 5.01 percent with an average 0.7 point for the week ending February 4, 2010, up from last week when it averaged 4.98 percent. The 5-year adjustable-rate mortgage (ARM) averaged 4.27 percent this week, with an average 0.6 point, up from last week when it averaged 4.25 percent. Pending existing home sales rebounded by 1 percent in December from a record drop in November…
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Bay Area mortgage rates for 5 Year ARM sinks below 4%
The Mortgage Rates for a 5 Year adjustable rate mortgage (ARM) sank to 4% (and lower in some cases)* yesterday for Bay Area homes. Freddie Mac average rates released on yesterday reported 5 Year ARM at 4.27% at 0.6 points. But the rate improvements later in the day has opened up great opportunities for home owners and First Time Home Buyers. This could be great news if: You already own a home but plan to move out by 2016. You are a First-Time Home buyer and would like to move up in next…
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New FHA Loan guidelines for San Jose Condominiums
Some major changes went into effect today for FHA loans on San Jose & rest of the Bay Area Condominiums. I. Elimination of Spot Loan Approval Process If a condo project was not approved by FHA, a "spot approval" was allowed just for financing one unit. This process has been eliminated as of today. Now the entire project has to be approved either directly by HUD (process called HRAP) or by a Direct Endorsed Lender (process called DELRAP). With all the liabilities involved around the process most of the direct endorsed lenders would…
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San Jose Mortgage Rate & Market Commentary 02/01/10
Your weekly dose of San Jose Mortgage Rates and Market commentary. The Week that was: Freddie Mac reported in its Primary Mortgage Market Survey that 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.6 point for the week ending January 28, 2010, down slightly from last week when it averaged 4.99 percent. The 5 year adjustable-rate mortgage (ARM) averaged 4.25 percent this week, with an average 0.6 point, down from last week when it averaged 4.27 percent. Q4 advance GDP was stronger than expected at +5.7% but will likely be revised…
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