California Mortgage Rates Trend Lower After Rising for Several Weeks

The first Friday of every month is almost always one of shock and awe; the release of the monthly employment data is rarely a calm event. The March data released last Friday did disappoint in terms of surprise. The news improved Mortgage Backed Securities (MBS) price by 40 basis points (bps) on Friday and 122 bps for the week. MBS usually goes up in price on a weak economy news. The increase in MBS has an inverse effect on mortgage rates i.e. when MBS prices go up, mortgage rates go down. Get a…continue reading →

Employment News Takes Mortgage Rates To Highest Levels In Over a Year

After weeks of worsening rates, it seemed California mortgage rates were getting stable. But the employment report and some other news last week delivered a knockout punch to any hope of rates getting better. Mortgage rates are directly impacted by how mortgage backed securities(MBS) are traded on wall street. If MBS fall in price, the rates go up. On Monday and Tuesday the MBS fell by 9 basis points (bps) each. Thats only a minor impact on rates. But then on Wednesday and Thursday it went down by a whopping 66 bps. If…continue reading →

Another Week, Another Increase In California Mortgage Rates

According to Mortgage Bankers Association's (MBA) weekly mortgage application survey, California mortgage rates has now increased seven of the last eight weeks. Most of the big banks are now advertising Annual Percentage Rates (APR) just under 4%. 30 Year and 15 Year Fixed Mortgage Rates The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) was up six basis points to 3.73%. The rate for 15-year Fixed Rate Mortgages also increased, by five basis points to 3%.The average interest rate for 30-year fixed-rate mortgages for high balance loans…continue reading →

Mortgage Rates Skyrocket – Crosses 4% Mark At Some Banks

Mortgage Rates have skyrocketed to their highest levels since August 2012, prompting some banks to increase the rate to 4% and beyond. On Friday, MBS (the mortgage backed securities that directly influence mortgage rates) tanked 62 basis points. That came after 26 basis points drop on Thursday. More bad news continued on Monday when long-term rate-indicative 10-year Treasury note yields touched 2 percent for the first time since April 2012. When MBS prices are falling, that means investors are paying less for mortgages. This causes closing costs, rates, or both to move higher.…continue reading →

California 30 Year Fixed Mortgage Rates Climb For Third Consecutive Week

According to Mortgage Bankers Association (MBA) weekly survey, California mortgage rates increased again last week. The rates have now increased for five out of last six weeks. This is the third consecutive week that 30 year fixed rates have gone up. Overall the rates have gone up by .25% after hitting the lowest levels in November, 2012. Conforming, High-Balance and FHA 30 Year Fixed Rates The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.62 percent from 3.61 percent, with points increasing to 0.43…continue reading →

Conforming Jumbo and FHA Mortgage Rates Rise For Second Consecutive Week

According to Mortgage Bankers Association's (MBA) latest weekly survey, mortgage rates for conforming jumbo (also called High Balance Loans) and FHA loans increased again last week. This is second week in a row that the rates have gone up. And if that was not enough, by the end of Thursday, mortgage backed securities tanked by 50 basis points, further worsening the rates. 30 Year Fixed Mortgage Rates Per MBA survey, The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) remained unchanged at 3.61%, with 0.38 points. The…continue reading →

California Mortgage Rates Rise To The Highest Levels Since November – Now At 3.61%

According to Mortgage Bankers Association, mortgage rates for California, Washington, Oregon and rest of the country rose sharply in the first week of 2013. The rates are now at the highest levels since November. Fannie Mae 3% coupon (mortgage backed securities) tanked by 69 bps last week. This usually has inverse relation to the rates - mortgage backed securities going down in price means higher interest rates. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,000 or less) increased to 3.61% with 0.41 points (origination fees). This rate is…continue reading →

Why 30 Year Fixed Mortgage Rates Should Be At 2.75% And Why They Aren’t?

Ben Bernanke must be tearing his hair (whatever is left of it). He has increased Fed's balance sheet to an all time high of almost $3 trillion mostly through bond purchases. But the mortgage rates haven't declined as much he would have hoped. He is frustrated that the lower yield on mortgage backed securities are not being passed on to the borrowers in form of lower mortgage rates. In fact, he called the trend "unfortunate" and Federal Reserve Bank of New York held a workshop to examine the issue. Imagine 30 year fixed…continue reading →

California Mortgage Rates Increase For The Week – Outlook Gets Worse

According to Mortgage Bankers Association's (MBA) weekly mortgage application survey, mortgage rates for California borrowers (and rest of the country) increased for the week ending December 14, 2012 from the last week. The mortgage rates increased for 30 year fixed mortgages for both conforming and FHA loans. To make matters worse points (also called origination fee) increased as well. However, the rates for 15 year fixed mortgages went down slightly. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) increased to 3.50% from 3.47%, with points…continue reading →

Fremont Mortgage Lender- Get Rate Quote For Refinance or Purchase

Looking for a top rated Fremont,CA mortgage lender/company to get a no closing cost rate quote for refinance or home purchase? You have reached the right place. Arcus Lending is a direct lender and has been featured on several national media like NBC, CBS, FOX, ABC, Yahoo! News among others. We have a perfect 30/30 rating on Google Places and 5 start rating on Yelp. We offer FHA, VA, Conventional, Jumbo, VA and Homepath loans. Our loan options include Fixed Rate loans (30, 20, 15 and 10), ARM (5, 7 and 10 year…continue reading →