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June 25, 2010

Freddie Mac Reports Lowest Home Loan Rates Since 1971

Are you considering home refinancing?  Freddie Mac announced this week saw the lowest home loan rates since 1971.  The number of loan applicant applying for a mortgage loan dropped by 5.9% during the week ended June 18.  Mortgage refinancing activity fell 7.3% compared with the previous week, while purchase volume slipped 1.2%.

Comparing home refinance rates: A year ago, the average home loan rate was 5.22% and 10 years ago, people were refinancing at 8.15%. Today, the average 30-year mortgage rate is 4.675% and the average 10-year mortgage is now at 3.875%.  Lenders continue to extend low interest rates because to the instability in the market and the European debt crisis.  Read the original article > Compare Mortgage Refinance Rates

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June 7, 2010

Low Mortgage Rates Available

Category: Current Mortgage Rates,Mortgage Rate News – admin – 9:39 am

Last week, the average mortgage rates were published at 4.875% and this was the best mortgage rates we have seen 22 weeks. Just a year-ago the average for the thirty-year mortgage was at 5.29%.   Home refinancing applications continued to explode as homeowners rushed to lending companies in an effort to lock the lowest possible refinance rates.  Freddie Mac chief economist Frank Nothaft said “The economy grew at a slower rate than originally reported in the first three months of the year and this suggests inflation will remain stable in the near term.”  ”As a result,” Nothaft said, “mortgage interest rates remained at record levels this week.”

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May 20, 2010

Mortgage Refinance Rates Still Fall to Lowest Level in Years

Mortgage rates fell to 2010 lows  but did come under a small amount of upward pressure late in the day as the stock market rallied into the close.   As the prices of mortgage backed securities fell, many mortgage lenders saw pricing get worse, but the higher lending costs that were passed on to borrowers were not big.  Mortgage refinance rates continued to hold at the best levels of 2010.

Reports from competitive mortgage professionals indicate mortgage lender rate sheets to be about the same as yesterday.  The 30 year conventional rate mortgage remains in the 4.75% to 5.00% range for well qualified consumers.  There are still FHA mortgage lenders offering 4.625% as par.  To secure a par interest rate on a conventional mortgage you must have a FICO credit score of 740 or higher, a loan to value at 80% or less and pay all closing costs including an estimated one point home mortgage.

If you are not planning on keeping your house for more than 5 years, you should consider a no cost mortgage.  In many cases, in a no cost refinance, you will be forced to accept a higher mortgage rate which pays the lender enough money that they can afford to pay the closing costs for you.  On a no cost mortgage, you are still paying the costs, just paying them in the form of higher interest charges.   We recommend anticipating that a no cost loan to offer a rate of around 5.375% for a 30 year fixed.

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May 17, 2010

Lowest Mortgage Rates of 2010 Drive California Homeowners to Refinance

A thirty-year California mortgage loan with a fixed interest rate, including lending fees, averaged 4.96%, the lowest level since week ended March 12th. California rates were still higher the 4.76% last year and the all-time low of 4.6%.  The demand for refinancing in California rose but the home loan applications declined statewide as the federal home buyer tax credits expired.  The 100% VA loan remained the best bet for homeowners looking to buy a home with no money down.  However VA eligibility is required for the California VA loan.

On average, homes sold last month in the Southern California area were on the market for 122 days before their sales closed. That’s four days longer than in March.  Also this week, the National Association of Realtors reported.    Freddie Mac reported last week yesterday that California mortgage rates had fallen to their lowest rates of the year.  Thousands of borrowers rushed online to shop California mortgage loans after hearing the interest rates were so low for mortgage refinancing.

Compare California mortgage rates

2009

2010
Orange County (Anaheim)

435.8

486.7

Los Angeles-Long Beach-

303.5

331.4

Riverside-San Bernardino-Ontario

172.5

180.5

Sacramento-Arden-Arcade

169.3

179.4

San Diego-Carlsbad-San Marcos

330.5

379.0

San Francisco-Oakland-Fremont

402.0

518.2

San Jose-Sunnyvale-Santa Clara

450.0

560.0

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