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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) averaged 4.15 percent with an average 0.7 point for the week ending August 18, 2011, 15-year Fixed rate Mortgage averaged 3.36 percent with an average 0.6 point.5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.08 percent this week, with an average 0.5 point.
Frank Nothaft, vice president and chief economist, Freddie Mac said:
The Federal Reserve’s policy statement last week and ongoing market concerns over the European debt market carried momentum into this week allowing all mortgage products in our survey to reach all-time record lows. For instance, 30-year fixed mortgage rates are now the lowest in over 50 years. In comparison, the Bureau of Economic Analysis estimated the average effective mortgage rate was about 5.3 percent on single-family loans outstanding during the second quarter of 2011.
Outlook for San Jose Mortgage Rates:
The rates should continue to remain low for several weeks to come. However, day-to-day volatility has been big. If you are planning to Refinance make sure you work with a lender who has the ability to track Mortgage Backed Securities live and advise you when to lock the rate. If you would like to get a Mortgage Rate Quote, fill out the form on the sidebar or call my office at 408.615.0655, 408.615.0655.
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