Jason Bernabei, TriCastle Realty
DEL MAR, May 14 2012 -- Goooooood Monday
morning San Diego!! What a great time to buy! Have you seen rates? If you are
contemplating buying or refinancing your existing mortgage, you’ll be hard
pressed to find rates this good.
DEL MAR, May 14 2012 -- Goooooood Monday
morning San Diego!! What a great time to buy! Have you seen rates? If you are
contemplating buying or refinancing your existing mortgage, you’ll be hard
pressed to find rates this good.
Yes, conforming mortgage
rates continue to get friendlier and friendlier. For the second straight week,
the 30-year fixed rate mortgage dropped to a new, all-time low nationwide.
According to Freddie Mac's weekly mortgage rate survey, the average 30-year
fixed rate mortgage dropped an entire basis point, landing at 3.83% this week
for borrowers willing to pay 0.7 discount points with a full set of closing
costs. The 15-year fixed rate mortgage also set a mortgage rate record,
registering 3.05% with an accompanying 0.7 discount plus closing costs.
Discount points are a
one-time, up-front closing cost, based on loan size. 0.7 discount points is
equal to 0.7% of the borrowed amount. Borrowers adamant on “no points, no fees”
can expect higher mortgage rates than Freddie Mac's reported national average.
There is, in fact, no such thing as no points, no fees. It comes down to one or
the other, and in some cases, both apply.
Lower mortgage rates give
today's home buyers additional purchasing power, pushing home affordability to
new heights. Low rates also assist homeowners to lower their monthly mortgage
payments via refinancing. In comparison to mortgage rates just 15 months
ago, homeowners refinancing into today's 30-year fixed rate mortgage could save
13.4 percent on their mortgage payments in a refinance.
Mortgage rates can be quite unpredictable as tried and tested
Loan Officers well know. I’ll reiterate last Monday’s sentiment: Lock em if ya
got em. The sweet spot is still sweet, but another week? Anyone's guess.
Until next time San Diego, you can contact me, Jason Bernabei, at jasonb@tricastle.com, and check me out each and every Monday on www.therealtyinsiders.com for more, and be sure to tune in to see myself, and other local industry professionals talking real estate on "The Realty Insiders," the ONLY real estate show in town!
Jay's Outlook: sunny!
Jason Bernabei, TriCastle Realty
