BradyLoan.com

San Diego Mortgage Rates Report- March 1, 2014

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Mortgage rates rose moved down towards the Febuary 14th territory after rising a full 1/8 of a percent in the week eneding February 21, 2014.  International unrest led worldwide capital to fly towards American bond markets and that made mortgage bonds attractive again to investors.  Conflicting economic data on Friday stalled a big rally and broght rates in line with the lowest they've been in two weeks.

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 February 6, 2014:

30 Year fixed conventional average=  4.30%
15 Year fixed conventional average=   3.32%
30 year fixed VA/FHA average=               3.87%
30 year fixed VA/FHA jumbo avg.=       4.13%
5/1 adjustable rate conv. average=         3.49%

Absent any crazy inflation data next week, we expect the bond market to firm up a bit and mortgage rates to drop a little bit next week.  We don't think it unreasonable to hold out for VA/FHA rates of 3.75% and conventional rates of 4.0%.  As always, floating can be very riskyiand may not be suitable for all borrowers.  Next week's jobs report might be a market mover.  Make sure that you are dealing with a knowledgable originator if you choose to float.

Congratulations to Jason Lopez on his new position as Team Leader of Keller Williams La Mesa.  I"ve known Jason for a number of years and his knowledge, enthusiasm, leadership skills, and management style will be an asset to a fine brand name.

San Diego Mortgage Rates Report: February 14, 2014

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Mortgage rates were generally stable this week but the Friday sell off in mortgage bonds suggests that Tuesday's rate sheets (Monday is a federal bank holiday) will have higher rates on them.  The bond market closed almost 1% lower today than it did last Friday.  We reported last week that lenders were "padding" the rate sheets in anticipation of this sell off.  It appears that, unless the bond market turns around Tuesday morning, the lenders have "burned through" the padding.

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 February 6, 2014:

30 Year fixed conventional average=  4.27%
15 Year fixed conventional average=   3.28%
30 year fixed VA/FHA average=             3.87%
30 year fixed VA/FHA jumbo avg.=      4.13%
5/1 adjustable rate conv. average=         3.49%

Even though California sales volume and prices are down from December, and consumer sentiment is weak, forecasters think it's weather related and see a sunny 2014-16 for the economy. You may disagree with those forecasters (I do) but new Fed Chairman Janet Yellin is not listening to you or me.  Nor is she listening to Ben Bernanke (former Fed Chairman).  In fact, Wall Street is worried that she may have a different plan than Bernanke and, when Wall Street is worried, they sell bonds...

...and that means higher mortgage rates.  Lock your rates when you can--the near-term future is murky for rmortgage rates.

Subscribe to the mortgage rates report via text by adding your cell phone here.

 

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age=  4.26%
15 Year fixed conventional average=  3.31%
30 year fixed VA/FHA average=           3.86%
30 year fixed VA/FHA jumbo avg.=      4.11%
5/1 adjustable rate conv. average=      3.49% - See more at: http://delmar.typepad.com/brianbrady/2014/02/san-diego-mortgage-rates-report-february-7-2014.html#sthash.n7A0PmfL.dpuf

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 February 6, 2014:

30 Year fixed conventional average=  4.26%
15 Year fixed conventional average=  3.31%
30 year fixed VA/FHA average=           3.86%
30 year fixed VA/FHA jumbo avg.=      4.11%
5/1 adjustable rate conv. average=      3.49% - See more at: http://delmar.typepad.com/brianbrady/2014/02/san-diego-mortgage-rates-report-february-7-2014.html#sthash.n7A0PmfL.dpuf

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 February 6, 2014:

30 Year fixed conventional average=  4.26%
15 Year fixed conventional average=  3.31%
30 year fixed VA/FHA average=           3.86%
30 year fixed VA/FHA jumbo avg.=      4.11%
5/1 adjustable rate conv. average=      3.49% - See more at: http://delmar.typepad.com/brianbrady/2014/02/san-diego-mortgage-rates-report-february-7-2014.html#sthash.n7A0PmfL.dpuf

San Diego Mortgage Rates Report-- February 7, 2014

Mortgage rates have remained stable this week.  While the week started off well, with the mortgage bond market rising over 1%, those gains haven't passed through to the mortgage rate sheets.  Lenders were cautious about the bond market optimism and their cautious approach was warranted.  The mortgage bond market gave back all of its gains and rate sheets have remained stable all week.

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 February 6, 2014:

30 Year fixed conventional average=  4.26%
15 Year fixed conventional average=  3.31%
30 year fixed VA/FHA average=           3.86%
30 year fixed VA/FHA jumbo avg.=      4.11%
5/1 adjustable rate conv. average=      3.49%

We now offer an 80/10/10 mortgage.  This means that a home buyer can put 10% down, get an 80% forst mortgage (up to $545,000) and a second mortgage for the difference between the 80% first loan and the 10% down payment.  Home buyers like this because it allows them to get approved without having to pay mortgage insurance. 

Home buyers must have a minmum credit score of 720 and the debt-to-income ratio can not exceed 43%.  First mortgage limits are $545,000 and the second mortgage limits are $500,000.  This can be helpful for home buyers who had to rely on a jumbo mortgage because jumbo loans require at least 20% down payment.  Now, San Diego home buyers, looking in the $750,000 range, won't need $150,000 down payment for a loan.  Under the 80/10/10 program, they could put down $75,000, get a first mortgage for $545,000, and a second mortgage for $130,000.

Subscribe to the mortgage rates report via text by adding your cell phone here.