Mortgage rates are near their 2014 high. The mortgage bond market has been bouncing around since our last report (March 14, 2014) but has been steadily deteriorating since that time. Only in the last two trading sessions have mortgage bonds recovered from their two week slide. If the rally can continue into next week, we'll see rates come back to their March 14, 2014 level or better. For now, mortgage rates are about 1/8-1/4% higher than they were a month ago.
You can follow the national average mortgage rates at Bankrate.com. San Diego mortgage rates tend to be .125% LOWER than the national average. Average rates as of April 6, 2014:
30 Year fixed conventional average= 4.44%
15 Year fixed conventional average= 3.42%
30 year fixed VA/FHA average= 4.01%
30 year fixed VA/FHA jumbo avg.= 4.375%
5/1 adjustable rate conv. average= 3.41%
We think it's okay to cautiously float at this time. When we say cautiously float, we assume you're dealing with a mortgage loan originator who is monitoring the mortgage bond market a few times each day and can communicate with you what economic figures can move the market. If you don't think your originator can answer those questions, call us or lock your rate today.