San Diego Mortgage Update

The rusty, slow-moving wheel of short sales has started to turn!  I can’t speak for the whole San Diego market but I am finally seeing movement on files that seemed to be stuck in real estate purgatory, seemingly being ignored by over-worked, under-staffed loss mitigation departments. Buyers, sellers, agents and loan officers who have been waiting for months on end are getting long-overdue responses from bank negotiators and in many cases are cleared for a closing.  Everyone who’s deal is getting closer wants a rate update, so here you go…

30 Year Fixed, Fully Amortized
1 point: 6.125%
2 points: 5.875%
15 Year Fixed, Fully Amortized
1 point: 5.625%
2 points: 5.375%
5 year ARM, Fully Amortized
1 point: 5.875%
2 points: 5.500%

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 780, 20% down, full documentation, reserves, owner occupied, 30 day lock. To complete a request for your individual estimate click HERE.

San Diego Real Estate NOT Accurate on Zillow

Earlier this week in a post comparing real estate sites Trulia and Zillow, I suggested that the most important success factor for these sites is how comprehensive they are. The more listings the better because home buyers want to go to one place to find every home on the market. They want a single dashboard from which they can filter down the choices.

And indeed, if you do a search for homes for sale in San Diego on Trulia, you get 4,395 results, compared to 6,036 on Roost. That’s 73 percent. (Zillow claims 7,661 listings in the San Diego city limits). Even if half of them are stale listings or not accurate in some other way, it’s hard to get to the 9 percent that the Roost-financed study claims. That’s because for some reason, the WAV study only compared homes in each city with exactly 3 bedrooms and 2 baths, within a $50,000 price range. Read More…

Rate improvement today…

Thought I would post another update this week since rates are a little more forgiving today. Something to smile about…

30 Year Fixed, Fully Amortized
1 point: 6.250%
2 points: 6.000%
15 Year Fixed, Fully Amortized
1 point: 5.750%
2 points: 5.500
5 year ARM, Fully Amortized
1 point: 5.875%
2 points: 5.500%

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 780, 20% down, full documentation, reserves, owner occupied, 30 day lock. To complete a request for your individual estimate click HERE.

San Diego Mortgage Update for August 18th

Rates are on the slow and steady up trend. Nothing terribly drastic, but I have to admit I am personally motivated to close any purchases of my own I can manage. ALL of the properties I want are short sales, which as you buyers waiting on short sales proceedings know, is absolutely frustrating. However I will be inclined to put out more offers to increase my chances of closing. The reason this is my plan, is because I feel that while everyone is trying to time the bottom of the market rates will continue up and any discount they get will be eaten up by the difference in the higher rate loan. Any feedback from investors out there??

This weeks rates…
30 year Fixed Full AM
1 point: 7.000%
2 points: 6.750%
15 year Fixed Full AM
1 point: 6.750%
2 points: 6.250%
5 year ARM Full Am
1 point: 6.625%
2 points: 6.250%

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, 30 day lock. To complete a request for your individual estimate click HERE.