The mortgage bond market is currently at it's 2014 high price levels. If prices hold, mortgage bonds will close 5% higher than they closed in 2013. What this means to you is that retail mortgage rates should be about a half of percent lower than they were in December 2014.
This hasn't necessarily happened though. Mortgage lenders have been wary to pass those bond market gains onto the consumer. There is an "angst" that the party could end at any given time. Conventional mortgage rates haven't improved as much as VA home loan or FHA mortgage rates have. Still, I"m hopeful that next week will see rates more in line with the bond market gaints.
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 December 31, 2014:
30 Year fixed conventional average= 3.97%
15 Year fixed conventional average= 3.07%
30 year fixed VA/FHA average= 3.82%
30 year fixed VA/FHA jumbo avg.= 4.00%
5/1 adjustable rate conv. average= 3.13% -
How can this benefit you? If you are shopping for a home in San Diego, having a full pre-approval will permit you to lock-in a rate as soon as you receive verbal acceptance of an offer rather than waiting for a contract. If you currently own a home in Californis, it might make sense to review your mortgage with us today or Friday. We can run quick numbers to see if it makes sense to restructure your home loan. Call us at 858-777-9751. We usually answer the phone right away (or call you back within an hour or two)
If you want to receive a text report of rates, every 10-20 days or so, text the word RATE to 313131 or subscribe to the mortgage rates report via text by adding your cell phone here
