Northern CA Mortgage Rate Update

Mar. 26, 2010 (FreeRateUpdate.com) - Zowie! Today’s POV* Mortgage Rate came out higher and had a bit of the old “roller-coaster” with more than one of my Major Wholesale Lenders re-pricing for the worse then turning around and re-pricing for the better later on. Conforming rates crept up to 4.875% and High Balance

Conforming jumped up to 5.125%. SUPER JUMBOS inched back up to 5.75%. As always comments, jokes, or Sasquatch sightings are welcome at lololoans@yahoo.com

Prepare YE! Yes, a cost increase of Biblical proportions is on the way. Raise not, lest ye be raised. I am of course rambling on about the Upfront Mortgage Insurance Premium on FHA Loans. They are going up from 1.75% of the loan amount to 2.25% of the loan amount for any FHA Case number assigned after the 5th of April so if you are leaning towards this loan, and don’t get me wrong it is still a great loan, best get thee to a Loan Officer!

It’s worth WHAT??? Which is pretty much the first response I get when advising a borrower on what value the Appraisal of their home came in at. (I just ended a sentance with a preposition..sorry MOM!) Besides one’s FICO score, the Loan-to-Value or LTV is THE key driver in what rate and what cost you qualify for on your home loan. Louis Cammarosano (voted one of the Real Estate Industry’s top leaders by Inman.com in 2009) who runs www.HomeGain.comhas forwarded me the results of an exhaustive survey that Homegain submitted to their thousands of Member Realtors throughout the country for Q1 2010. Perhaps one can see the beginnings of a National trend starting from these regions? The survey is here:

*POV = Plain, Old Vanilla Home Mortgage: 30yr fixed, Single Family Home, Owner Occupied, at least 20% equity, Higher Rates and costs if caught returning home videos to Blockbuster.

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