Bay Area Conforming and FHA Mortgage Rates Fall 8 Straight Weeks-Refi Redux…

Bay Area Conforming and FHA Mortgage Rates Fall 8 Straight Weeks-Refi Redux…

Freddie Mac mortgage rates 2010-2011

Many home owners in Pleasanton, Dublin CA and Livermore are taking advantage of the falling, falling, falling mortgage rates on their Conforming and FHA loans.

On a wave of uncertainty about Greece and its debt; and weaker-than-expected economic data at home, conforming and FHA  30-year fixed rate mortgage rates have fallen to levels not seen since December 2, 2010.

Longest Rate Drop in History

Mortgage rates have dropped 8 weeks in a row. Not even last year’s Refi Boom produced an 8-week winning streak. This season’s streak is historic.

The 30-year fixed rate mortgage now averages 4.49% nationally, down 42 basis points, or 0.42%, since early-April. For every $100,000 borrowed, that equates to a monthly savings of $25.24.

Adjustable-rate mortgages have shed even more, giving back 50 basis points since the streak began.

Because of low rates, it’s an excellent time to buy or refinance a home relative to just a few weeks ago. Note, though, that depending on where you live, you may find your quoted interest rates to be slightly higher or lower than what Freddie Mac reports in its survey. This is because the Freddie Mac figure is a national average.

Mortgage rates and fees vary by region:

  • Northeast : 4.49 with 0.6 points
  • Southeast : 4.52 with 0.8 points
  • North Central : 4.52 with 0.6 points
  • Southeast : 4.52 with 0.6 points
  • West : 4.45 with 0.8 points

You’ll notice that, in the West Region, rates tend to be low and fees tend to be high; in the North Central Region, the opposite is true. You should expect California to have its own pricing norm within this region, too.

Is there a particular rate-and-fee setup that suits you best? The good news is that you can ask for it –Many of my clients have been great candidates for a no cost refinance from purchase loans that were taken out late last year when rates were above 5.250%.

Did you miss the Refinance train in 2010…

Mortgage rates appears as if they’re headed lower but don’t forget how quickly markets can change. Once they do, the mortgage market in the Bay Area should spike.

Don’t miss this opportunity again…I love to work with readers that find my information on the Mortgage and Housing Market helpful in your decision making process. As a Mortgage Planner at Vintage Mortgage Group in Pleasanton I am in a unique position to help you capitalize at any point in the market. Contact me below today to help you with your purchase or refinance.

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