San Jose Real Estate & Mortgage Rates Report 2/21/10
Author bio section
I am the author of this blog and also a top-producing Loan Officer and CEO of InstaMortgage Inc, the fastest-growing mortgage company in America. All the advice is based on my experience of helping thousands of homebuyers and homeowners. We are a mortgage company and will help you with all your mortgage needs. Unlike lead generation websites, we do not sell your information to multiple lenders or third-party companies.
Your weekly dose of San Jose Mortgage Rates, Real Estate Trends and top Economy news.
The week that was:
- Freddie Mac in its Primary Mortgage Market Survey reported that the 30-year fixed-rate mortgage (FRM) averaged 4.93 percent with an average 0.7 point for the week ending February 18, 2010. The 5-year adjustable-rate mortgage (ARM) averaged 4.12 percent this week, with an average 0.5 point.
- The National Association of Realtors (NAR) reported that existing home sales rose in 48 states and the District of Columbia between the third and fourth quarters of 2009; 32 states experienced double-digit growth.
- New home construction is also slowly improving. One-family housing starts rose to an annual pace of 484,000 homes in January, which is up almost 36 percent from January 2009, based on the U.S. Census figures. Moreover, homebuilder assessments of market conditions over the first half of 2010 improved in February, according to National Association of Homebuilders / Wells Fargo Housing Market Index.
- The Fed increased the discount rate to 0.75% from 0.50%. It in itself is not going to increase lending rates, but it once and for all signals the Fed is finished supporting banks and other recipients of government largesse.
The Week that will be:
- Jan housing statistics this week with new and existing home sales, both expected to have increased from Dec. The Dec Case/Shiller home price index also out.
- And there is more; two consumer sentiment indexes (the Conference Board’s consumer confidence index and the U. of Michigan consumer sentiment index).
Interest rates are headed higher, in a choppy pattern but up. As for any potential for a sizeable decline in rates; it will take a solid break in the equity markets which at this point doesn’t seem likely.
Related Posts
- 86Your weekly dose of San Jose Mortgage Rates and Market commentary. The week that was: Freddie Mac reported in its Primary Mortgage Market Survey that 30-year fixed-rate mortgage averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010, down from last week when it averaged…
- 69Weekly update on San Jose Mortgage Rates and economy news. The Week That Was: Freddie Mac in its Primary Mortgage Market Survey reported that 30-year fixed-rate mortgage averaged 4.97 percent with an average 0.7 point for the week ending March 4, 2010. Last year at this time, the 30-year FRM…
- 68Mortgage Rates update for San Jose and rest of California. The week that was: A bad one for the rate markets. Mortgage rates increased 12 basis points while the 10 yr note jumped 16 basis points. The chart below would tell you how volatile the mortgage rates were on Thursday…
- 67San Jose Mortgage Rate & Market commentary. Check out how the 30 year fixed mortgage rate and 5 year ARM rates did last week and how they are expected to fare this week. The week that was: Last week Freddie Mac in its Primary Mortgage Market Survey reported the 30-year…
- 67Mortgage rates were hammered last week after Fed officially stopped buying mortgage backed securities. Fannie Mae 30 year (4.5%) mortgage bond opened the week at 100.44, was down 97 bps for the week as it closed at 99.47 (see chart below). The mortgage rates for most of the programs had…
