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 →

California Mortgage Rates jump to their highest levels since August

Last week I was asked several times about Mortgage Rates, The Trends and my Predictions of where it was moving. All this I guess was triggered by the Freddie Mac Primary Mortgage Market Survey, which found that the 30-year fixed-rate mortgage (FRM) and the 15-year (FRM) rose dramatically last week, as did the 5-year ARM. Per Freddie Mac California 30-year fixed-rate mortgage (FRM) averaged 4.39 percent with an average 0.9 point for the week ending November 18, 2010, up from last week when it averaged 4.17 percent. California 15-year Fixed Rate Mortgage this…continue reading →

How will Fed’s Quantitative Easing impact San Jose Mortgage Rates

How will Fed's Quantitative Easing impact San Jose Mortgage Rates for Refinance and Home Purchase? But before we get into how will this impact home loan rates for San Jose and SF Bay Area home owners, lets find out what does Quantitative Easing means! Wikipedia defines Quantitative Easing as - "Quantitative easing (QE) is a monetary policy used by some central banks to increase the supply of money by increasing the excess reserves of the banking system, generally through buying of the central government's own bonds to stabilize or raise their prices and thereby lower long-term interest rates. This policy is usually invoked when the normal methods to control the money supply have failed, i.e the bank interest rate, discount rate and/or interbank interest rate are either at, or close to, zero. It has been termed the electronic equivalent of simply printing legal tender." (more…)

What’s ahead for Interest Rate for San Jose Mortgages

What lies ahead for Mortgage Rates for San Jose Refinance and Home Purchase? And the dangers of following Media when it comes to Mortgage Rates for your Home Loan. Last week on 10/14 after Freddie Mac released its weekly survey of Fixed and ARM mortgage rates, media was abuzz with the news that interest rates have fallen to a level not seen since 1951. The very next day however, Mortgage Bonds went down 43 basis points causing the rates to worsen multiple times in a single day. That's the risk of following the…continue reading →

It’s the season of Great Home Loan Rates for San Jose Homeowners

For San Jose homeowners, this summer has brought some of the best home loan rates on record. If you've been wondering whether you could benefit from today's low rate environment, read on. There are two programs that may help you. What about My Home's Value? Not only were San Jose home loan rates at their lowest in August, we also learned last month that home prices continued to climb nationally since reaching a bottom in the first quarter of 2009. According to the S&P/Case-Schiller Index, home prices in both their 10 and 20…continue reading →

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