Jason Bernabei, TriCastle Realty
DEL MAR, July 9 2012 -- Goooodddd morning
San Diego!! Summertime is in full effect, and rates continue to be absolutely
smoking!!! How long it will last??? Well, who really knows, but the gettin’
sure is good RIGHT NOW! How good? Well, as good as it ever has been quite
frankly. And by that I mean I mean EVER.
DEL MAR, July 9 2012 -- Goooodddd morning
San Diego!! Summertime is in full effect, and rates continue to be absolutely
smoking!!! How long it will last??? Well, who really knows, but the gettin’
sure is good RIGHT NOW! How good? Well, as good as it ever has been quite
frankly. And by that I mean I mean EVER.
Yes, 30-year fixed rate
mortgage rates made new, all-time lows once again this past week, really and
truly. As per Freddie Mac's weekly
mortgage rate survey of 125+ banks nationwide, the average 30-year fixed rate
mortgage rate dipped 4 basis points, landing at 3.62% nationwide.
The rate is available to borrowers
with prime credit scores (and who meet the other qualification parameters) who
are looking to ascertaining conforming loans, and are willing to pay an accompanying
0.8 discount points with a full set of closing costs. If a borrower wants a
no-cost loan, the rate will come in a little higher, relative to the loan
amount and other criteria.
As pretty as 30-year
mortgage rates are sitting right now, the 15-year fixed rate mortgage is even
prettier, and fell a whopping 5 basis points to 2.89% last week, on
average. The 15-year fixed rate mortgage requires 0.7 discount points plus
closing costs, with the same aforementioned covered closing cost principle applicable.
Overall, mortgage payments
are far lower today than just one year ago. In July 2011, the average U.S.
mortgage payment looked like this: $512.64 principal + interest per $100,000
borrowed. In July 2012, it looks like this: $455.77 principal + interest per
$100,000 borrowed. That equates to a staggering 11% payment savings as compared to last year! And THAT is
significant!
Feel free to hit me up if
you are looking to refi, or need a purchase loan, or are looking to buy or sell
property, or if you just want to talk Housing. Until then, you can 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 all things real estate and Housing on “The Realty
Insiders,” the ONLY real estate show in town!
Jay’s
Outlook: SUNNY!
Jason Bernabei, TriCastle Realty
