Pleasanton Mortgage Rates Make New Lows At 3.66%

Pleasanton Mortgage Rates Make New Lows At 3.66%

 

Mortgage rates in Pleasanton have resumed their downward trend.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the national average 30-year fixed rate mortgage rate fell 5 basis points to 3.66% this week. The rate is available to “prime” borrowers who are willing to pay, on average, 0.7 discount points plus a full set of closing costs.

30yr Fixed Rate

30-year fixed rate mortgage rates are down in seven of the last eight weeks but, depending where you live, the mortgage rates made available to you will vary. The Freddie Mac survey notes that mortgage rates vary by region.

For example, mortgage applicants in the West Region received the lowest rates from lenders, on average, but also paid the highest number of discount points. Discount points are a specific type of closing cost where 1 discount point is a fee equal to one percent of your loan size.

Average mortgage rates in the five U.S. regions, as tracked by Freddie Mac :

  • Northeast Region : 3.70% with 0.7 discount points
  • West Region : 3.62% with 0.8 discount points
  • Southeast Region : 3.68% with 0.7 discount points
  • North Central Region : 3.65% with 0.7 discount points
  • Southwest Region : 3.68% with 0.7 discount points

Nationally, one year ago, the average 30-year fixed rate mortgage rate was 4.50%. Today, it’s 3.66%. This 84 basis points difference yields a monthly savings of $49 per $100,000 borrowed at today’s rates, or $588 per year.

A $400,000 mortgage would save $2,352 annually at today’s mortgage rates as compared to June 2011.

15yr Fixed Rate Mortgage

The 15-year fixed rate mortgage rate is also low, averaging 2.95% nationwide with 0.6 discount points. This is the second-lowest reading in recorded history. However, when the 15-year fixed averaged 2.94%, banks required an average of 0.7 discount points to get it. One could argue that this week’s average rate-and-points combination is actually a better “deal” because closing costs are lower.

Mortgage rates continue to break new lows so, if you’re eligible to refinance, the timing may be right to explore your mortgage options. Similarly, if you’re in the market to buy a home, today’s low rates will help to keep your home affordability high.

Call to talk about capitalizing on the lowest rates of all-time. Rates in Pleasanton may not rise starting next week, but when they do rise, they’ll expected to rise quickly.

I’m Here to Help You With Your Purchase or Refinance

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 on historically low interest rates in 2012. Contact me below today to help you with your purchase or refinance.

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