Prevailing Sonoma County Home Mortgage Rates – June 12, 2009
June 12th, 2009 categories: Mortgage Rates
Prevailing Sonoma County Home Mortgage Rates – June 12, 2009
More Sonoma County Home buyers are in shock over higher rates!
This last week was a continuation of the past 3-4 with mortgage rates moving up to recent highs. Rates moved up by approximately .25% this week.
Mortgage Rates appear to be peeking out. According to some sources out there, rates will slowly drop back down over the next few weeks. While they may never go as low as they were, any drop would be great.
Long term though, mortgage rates could go much higher than they are now. Word to the wise: Make your move now and find a home to buy ASAP.
Some good news!
CalHFA, the California Housing Finance Agency is back in action with a couple new programs for first time buyers. Their new program will provide up to 3% of the sale price in the form of a “Silent Second” that can be used for down payment or closing costs. A silent second is a loan that requires no payments. (Call for details.) CalHFA does require the buyer put down a minimum of 3% of their own funds though. This will help people buy homes as sellers become more and more resistant to paying a buyer’s closing costs.
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 – 5.25% (5.47% APR)
30 Year Fixed Rate Mortgage – 5.625% (5.876% APR)
1 Year Adjustable Rate Mortgage (1 Year ARM) – 4.125% (3.92% APR)
5/1 Adjustable Rate Mortgage (5/1 ARM) – 4.85% (4.76%APR)
7/1 Adjustable Rate Mortgage (7/1 ARM) – 5.125% (5.375% 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, 06.12.2009. 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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