San Diego Mortgage Rates Report: April 13, 2014

It feels good to be on the right side of the market.  We saved a couple of clients some money because the mortgage bond market gained 1.5% in price and we advised clients to float rather than lock last week.  We don't always get these calls correct so we watch an unlocked loan like hawks.  Mortgage rates moved down from their 2014 high (last Friday) to the lowest they've been in a month and we've been riding the wave.  A lot of this has to do with a deteriorating stock market; if that continues, rates will move lower...FAST.

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 12, 2014:

30 Year fixed conventional average=  4.26%
15 Year fixed conventional average=   3.27%
30 year fixed VA/FHA average=              3.89%
30 year fixed VA/FHA jumbo avg.=       4.25%
5/1 adjustable rate conv. average=         3.27%

We still think they have room to drop more so we're maintaining the cautious float stance.  If you have a loan which needs to close in April, lock it now.  If you're due to close before May 15, 2014, you might hold out for an eighth of a percent better but you had better have a mortgage loan agent who watched these markets.   If you're closing after May 15, 2014, be patient; I think we'll see lower rates in the first week in May.