After a Free Fall, California Mortgage Rates Rise for 6 Consecutive Days

After falling below 4% for a 30 Year Fixed (the lowest on record), California Mortgage rates have started to climb up. For 6 days in a row Mortgage Backed Securities have gone down in value, thus increasing the Mortgage Rates. Last week Freddie Mac released it's weekly survey quoting the 30 Year Fixed National Average rate at 3.94% with 0.8 points and usual closing costs. However, in the latest Mortgage Bankers Association Data released this morning, the 30 Year Fixed loans for Conforming Mortgages (loan amounts under $417k) is being quoted at 4.25%…continue reading →

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 →

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 →

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 →

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 →

California Mortgage Rates Outlook for Purchase and Refinance Loans

California Mortgage Rates for Refinance and Home Purchase Loans have been all over the place this year. According to Freddie Mac Primary Mortgage Market Survey 30 Year Fixed Rate started at 4.77%, went over 5% in week 2 of February and since started the climb down to be now at exactly the same level where they started at the beginning of the year (see chart below). Most of the climb down in recent weeks have been caused by impact on stock markets due to uncertainties in Japan and Libya (and most part of…continue reading →

Mortgage Rates at the highest levels in 10 months – Over 5% Now

30 Year Fixed, 15 Year Fixed and 5/1 ARM California Mortgage Interest Rates continue to rise.According to Freddie Mac Primary Mortgage Market Survey® both long- and short-term mortgage rates rose last week too. 30-year fixed-rate mortgage (FRM) averaged 5.05 percent with an average 0.7 point for the week ending February 10, 2011, up from last week when it averaged 4.81 percent.15-year FRM this week averaged 4.29 percent with an average 0.7 point, up from last week when it averaged 4.08 percent.5-year adjustable-rate mortgage (ARM) averaged 3.92 percent this week, with an average 0.6…continue reading →

What is causing the spike in California Mortgage Rates?

California mortgage rates have gone up every single week for last 5 weeks - now up ~.75%. (Get the mortgage rate update in this post). It all started with Fed announcing Quantitative Easing 2. The big question is why so sudden and why so steep! There are several possible reasons: Markets are increasingly more optimistic that 2011 economic growth will be stronger than what had been expected. Expectations until a couple of weeks ago were for GDP growth in 2011 to be 3.0%, now the consensus is for growth to be at 4.0%…continue reading →

California Mortgage Pre-approvals from one month back are worth nothing

It's time to revisit the pre-approval amount that you qualified for your mortgage application, if that was done more than 2 weeks back.  The biggest reason - the mortgage rates have spiked by ~.75% in just over 4 weeks. Last week Freddie Mac released the results of its Primary Mortgage Market Survey, which found that both fixed- and short-term mortgage rates continued to rise.  This was the fifth week in a row where fixed-rate mortgage rates were up. 30-year fixed-rate mortgage averaged 4.83 percent with an average 0.7 point for the week ending…continue reading →

California Mortgage Rates rise for the 4th straight week – Now up .50%

California Mortgage Rates rise for the 4th straight week - Now up .50% Freddie Mac today released the results of its Primary Mortgage Market Survey, which found that once again, both fixed- and Adjustable mortgage rates rose this week. This was the fourth week in a row where fixed-rate mortgage rates were up. 30-year fixed-rate mortgage (FRM) averaged 4.61 percent with an average 0.7 point for the week ending December 9, 2010, up from last week when it averaged 4.46 percent.15-year Fixed Rate Mortgage this week averaged 3.96 percent with an average 0.7…continue reading →