Mortgage Rate Update for Northern CA
By: Mark Simons
Greetings from the Soggy San Francisco Bay Area! I will start today’s lesson with a few ground rules for my upcoming weekly Blogs. Not only is my company a Direct Lender, but I am approved with over 100 Wholesale Lenders as well. When I quote my rates it is a compilation/average of my top ten “go-to” Wholsale Lenders including First Capital Alliance.
These rates will be based on “par” pricing…ie a discount point cost to the Consumer and all are fixed rate.
I look forward to sharing my insight and experience garnered through more than one grey hair, and will try and keep a balance between a “Mortgage 101″ approach (there is NO such thing as a “stupid question”!!) and insights and trends for savvy borrowers as well. So let’s git goin’!
WHAT MELTDOWN? Pundits were predicting a Market rally as a result of the Senate race in Mass, thus putting a damper on the rate ride. But alas today’s rates came in just a tad better than yesterday so as always WHO KNOWS? Those who do are torturing American Express from their yachts in the South of France.
Rates today came out lower for our ever popular POV* Home Loan, and stayed that way all day with no major wholesale lenders repricing one way or the other. Conforming at 4.75% and Jumbo Conforming at 5.0%. Super Jumbos at 6.0%. We of course really track the Conforming and true Jumbos in that we are in a rather pricey corner of the block in the SF Bay Area.
For more info or questions please email me at lololoans@yahoo.com
*POV = Plain, Old Vanilla Home Loan. 30 yr fixed rate, fully amortized, Single Family Residence, Owner Occupied, minimum 20% equity, Rate and Term ReFi or Purchase Loan, Credit rating so clean you could eat off it.