Prevailing Sonoma County Home Mortgage Rates – May 29, 2009
May 29th, 2009 categories: Mortgage Rates
Prevailing Sonoma County Home Mortgage Rates – May 29, 2009
HOME BUYER ALERT! Rates moved up this week as the stock market rallied back.
There were a couple of bond and mortgage backed security auctions that under performed estimates. The overseas investors weren’t buying and when that occurs, interest rates move up!
Rates quietly moved up on 30 year Conventional Fixed Rates went from 4.875% to an average of 5.125%!
Not a big move you say? Well let’s look at the effect that has on a buyers purchase power. Let’s say you qualify for a payment of $1,300 PITI. That would have bought you a home for approximately $200,000. But with the increase in rates, that same payment will buy you a home for approximately $191,000.
That might be the difference in getting the home you want vs. the home you have to settle for!
So what do you do? Act quickly. Don’t assume rates will stay the same. Rates are constantly moving and when they go up it will be a “Why did I wait?” moment.
Find out today what you can buy. Where do you start? Talk to Yasmeen Hillyard and the WineCountryMoves.com Team. She will guide you through the process and help you find the perfect home for you and your family. But don’t delay.
The following rates were quoted for a sample conforming loan with the following criteria: $300,000 Loan Amount | 80% LTV (Loan To Value) | 680+ FICO Score
15 Year Fixed Rate Mortgage – 5.00% (5.05% APR)
30 Year Fixed Rate Mortgage – 5.125% (5.13% APR)
1 Year Adjustable Rate Mortgage (1 Year ARM) – 4.375% (3.56% APR)
5/1 Adjustable Rate Mortgage (5/1 ARM) – 4.375% (4.16%APR)
7/1 Adjustable Rate Mortgage (7/1 ARM) – 4.875% (4.45% APR)
Article Contributed by: Dave Raffi, Regional Manager at Mission Hills Mortgage: 707-303-2933
Make sure you tell Dave that Yasmeen sent you!
* DISCLAIMER: These mortgage interest rates are quoted at a specific time, 05.29.2009. Interest rates are subject to change upon changes in market conditions and borrower qualifications.
Now that you are caught up on the latest mortgage rate news, check out the latest prices of Sonoma County Homes by clicking the appropriate link below:
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