San Diego Mortgage Update

    Travis Houston has invited me to provide the West of the Five readers with weekly updates on mortgage rates for real estate purchases in San Diego.  Along with rate updates you will get links and commentary on changes that affect the loans available to buyers here in San Diego County.     

    This week’s news is that Fannie Mae is making an attempt to keep some of the loan business that’s going to FHA by loaning up to 97%.  This could be great news, however if the Mortgage Insurance companies don’t raise their limits from 95% to 97% as well the loans may never go into use.  I will keep you posted as things develop.  If this change goes into effect loans could be available as soon as June 1st.

Here are this weeks rates:

30yr Fixed Fully Amortized
1 point: 5.750%
2 points:  5.500%
15yr Fixed Fully Amortized
1 point: 5.625%
2 points: 5.375% 
5yr ARM Fully Amortized 
1 point: 5.375%
2 points: 5.125%

There are many other loan options available, but the fully amortized (paying principle and interest) loans offer the best deals in my opinion. Contact me with specific questions on your scenario. FHA and VA available if you qualify.

Broker ID# 01807122. Mortgage rates are specific to each individual’s financial scenario.  These estimates are based on scenario with a conforming loan amount, FICO of 770, 20% down, full documentation, 6 months reserves, owner occupied, 15 day lock. You are invited to contact me for your individual estimate at joyhouston@gmail.com.