San Jose Mortgage Rates Hit The Lowest Levels in 50 Years

San Jose Mortgage Rates - 30 Year Fixed, 15 Year Fixed and 5 Year ARM hit the Lowest Levels Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS), showing San Jose mortgage rates, fixed and adjustable, reaching all-time record lows. This providing further incentive for those homeowners looking to refinance or to those renters looking to buy in the Bay Area and rest of California. The 30-year fixed averaged 4.15 percent, breaking the previous record low of 4.17 percent set November 11, 2010. Last week 30-year fixed-rate mortgage (FRM)…continue reading →

Santa Clara County Real Estate Market Report – July 2011

Should I buy a home now? It funny, back in 2006 and 2007 almost no one was asking that question. Instead, they were asking, How much home can I buy?Wrong question at the wrong time. Fast forward to today and buyers should be asking how much home can I buy and not should I buy a home now. Yes, I know, a real estate agent will always say yes when asked if its a good time to buy a home.But, today market offers an unprecedented opportunity. Let me explain. First, take Santa Clara…continue reading →

Bay Area Conforming and FHA Jumbo Loan Limits are Going Down

Bay Area Conforming and FHA Mortgage Jumbo Loan Limits are Going Down in less than 4 weeks. Watch the Video below that talks about the FHA and Conforming Jumbo Loan Amounts going down to $625,000 and how will that impact Mortgage Financing for Home Purchase/refinance and Real Estate Prices in the area. Be sure to contact me at 408.615.0655 should you need more information.continue reading →

National Home Values – What the Media won’t tell you

The real estate market still faces many challenges. High unemployment, foreclosures and other distress sales are keeping negative pressure on prices. This of course is good news if you are looking to buy as low rates and lower prices have brought affordability to record levels. How Affordable? - Since 1963, it has cost an average of approximately 43% of 'per capita' or individual income to finance the cost of a median priced home (20% down payment and prevailing 30 year fixed rate mortgage). Right now, it's only about half of that cost at…continue reading →

Arcus Lending and Shashank Shekhar get featured on Yahoo! News

Arcus Lending and Shashank Shekhar were both featured on Yahoo! News on Friday June 3, 2011 on an article about low Mortgage Rates in California. The article mentioned that Arcus Lending consistently quotes its clients Mortgage Rates lower than Freddie Mac reported rates. It also refers to a post written by Shashank which explains the reason behind falling mortgage rates. The same article was also carried by SF Gate.com an online version of San Francisco Chronicle. Here is the full post from Yahoo! News.continue reading →

3.50% HomePath Financing bonus coming to end in June

Fannie Mae HomePath Financing for California homes come with added bonus in June - 3.5% towards closing cost assistance. Thats right, Fannie Mae is paying 3.5% towards your closing cost if you close your transaction by June 30, 2011. HomePath financing is available for houses that are currently owned by Fannie Mae. To get a full list of properties that qualify for HomePath financing go to the official HomePath website. Benefits of HomePath financing: Only 3% down payment required for Primary Residence (this can come as a gift) Available to Investors too with…continue reading →

San Jose, CA Real Estate Market – Home Sales and Median Price up

Both the Median Price and Home Sales for Single Family houses were up in San Jose, CA real estate market in April, 2011 compared to previous month. However, on a year over year comparison both the values were slightly down. See the full report below. San Jose Condominium Market Report: The Condo market took a hit both on Number of sales and Median Price compared to March, 2011. However, compared to a year ago the sales was up 10.4%. Get the full report in the chart below. Note that the Real Estate is…continue reading →

California Mortgage Rates at the lowest level of the year

Both 30 Year Fixed and 5 Year ARM mortgage rates for California Refinance and Home Purchase are at their lowest level for 2011 after declining for the fourth consecutive week. Freddie Mac reported last week that the 30-year fixed-rate averaged 4.63%, 5 Year ARM averaged 3.41% and the 15-year fixed averaged 3.82%. 30-year fixed-rate mortgage averaged 4.63 percent with an average 0.7 point for the week ending May 12, 2011, down from last week when it averaged 4.71 percent. 5-year adjustable-rate mortgage (ARM) averaged 3.41 percent this week, with an average 0.6 point,…continue reading →

Financing Options for California First Time Home Buyers – Free Web Class

As part of our Home Ownership Workshop of free Web Classes, Shashank Shekhar Mortgage Broker/Banker with Arcus Lending and author of the book "First Time Home Buying 101" will talk about: What are the different financing options for Home Buyers? When should you pick an Adjustable Rate Mortgage (ARM) vs Fixed Rate loan? What are the downpayment requirements? Are there any 100% loans available? FHA vs Conventional Mortgage - which is better? Reserve your Webinar seat now at: The web class will be followed by open Q&A session, where you are free to…continue reading →

San Jose, CA Real Estate Market Report – March 2011

San Jose Single Family Real Estate Market Report Median Price, Average Price and number of Sales - All went up in March compared to February 2011. However all three numbers were down from March 2010. Days on market (the time it takes for a home to sell after it's listed for sale) is down to 64 days compared to last month when it was 70 days. Sale vs List price continues to be almost at 100, meaning most of the homes are selling close to what the listing price is. In some cases…continue reading →