Rates are up again this week and so are the number of mortgage applications. The Mortgage Banker’s Associations reports a 10.9% increase in applications for last week. What does that mean? Well, I don’t have a crystal ball, but money is a supply and demand game. When there’s not much demand rates must be very attractive. Are they creeping up because more people are making the move to purchase while foreclosure prices have real estate values at record lows? If you are considering an investment in a home for yourself or as a rental consider that waiting a few more months in hopes that prices fall even lower may cost you dearly in higher monthly payments due to rate increases. Here are the rates for this week…
30 year Fix Full Am
1 point: 6.250%
2 points: 6.000%
15 year Full AM
1 point: 5.875%
2 points: 5.625%
5 year ARM Full Am
1 point: 5.500%
2 points: 5.125%
Click HERE for a simple search tool that shows only FORECLOSURE PROPERTIES in San Diego.
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. To complete a request for your individual estimate click HERE.
