Prevailing Sonoma County Home Mortgage Rates – June 5, 2009
June 5th, 2009 categories: Mortgage Rates
Prevailing Sonoma County Home Mortgage Rates – June 5, 2009
Sonoma County Mortgage Rates continue to move up ever so slowly.
The bond market has opened down sharply on Thursday as investors brace for Friday’s economic data and market numbers. The DOW Jones Industrial Average and NASDAQ showed marginal gains. Money has been flowing into stocks lately, and mortgage rates moved slightly higher; some have moved up as much as 1/4 to 3/8 of a point; this is in addition to last week’s increases.
“Friday’s Employment Report could be the most important financial report of the month.”
The U.S. Labor Department will post the Employment data for May, 2009 during early stock trading on Friday. The employment report gives key employment readings such as the U.S. unemployment rate and the number of jobs added and the number of jobs lost during the month. Analysts expect 520,000 lost jobs during the month, causing the unemployment rate to increase to 9.2%.
An unemployment rate and/or a drop in payrolls that is larger than expected would signal good news for the bond market, likely precipitating a rally in bonds, which would help to lower mortgage rates early tomorrow. On the other hand, if the numbers are stronger than expected, mortgage rates could spike tomorrow.
We will see what happens.
First Time Buyers have some good news! The California Housing Finance Agency (CalHFA) will soon announce new programs to help first time buyers in their quest to buy a new home! CalHFA has been running on fumes since the budget cuts and weakening market conditions made it difficult for them to operate. CalHFA’s resourceful employees have come up with new ways to fund the programs.
CalHFA has, in the past, provided money in the form of low interest rate silent seconds which could be used for down payment and/or closing costs. A silent second loan requires NO monthly payments. We will have to wait and see what they come up with in the way of guidelines. BOTTOM LINE: The new CalHFA programs will help smart buyers to buy homes with less money out of pocket.
As always these programs are first come first serve. My suggestion is make the move by contacting Yasmeen Hillyard; a Realtor who knows where to get you the best deal. She will help you take that first step and be there to shake your hand when you take the last step through the door of your new home!
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% (5.28% APR)
30 Year Fixed Rate Mortgage – 5.25% (5.45% APR)
1 Year Adjustable Rate Mortgage (1 Year ARM) – 4.500% (3.76% APR)
5/1 Adjustable Rate Mortgage (5/1 ARM) – 4.50% (4.36%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!
UPDATE 10:00 AM PST 06.05.2009: The numbers are in. Only 345,000 jobs were lost (estimated 520,000) although the national unemployment rate was above predictions at 9.4%.
* DISCLAIMER: These mortgage interest rates are quoted at a specific time, 06.05.2009. 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:
Bodega Bay Homes | Cotati Homes | Guerneville Homes | Penngrove Homes | Petaluma Homes | Rohnert Park CA Homes | Santa Rosa Homes For Sale | Sea Ranch Homes | Sebastopol Homes For Sale | Sonoma County Real Estate | Wine Country Real Estate
Interesting post!