Prevailing Sonoma County Home Mortgage Rates – June 26, 2009
June 26th, 2009 categories: Mortgage Rates
Prevailing Sonoma County Home Mortgage rates – June 26, 2009
Good week for rates as they cautiously moved down.
Mortgage rates moved down slightly this week on more bad news on unemployment, GDP and the economy in general.
The FOMC (Federal Open Market Committee) or “Fed” as they are called these days, met to discuss the economy and was very pessimistic about the direction of the recovery. They decided to hold steady with policy. The Fed did say they have 1.7 Trillion dollars that they will use to support the mortgage markets. This was a relief to investors and the reaction over the last couple days has been good.
Summary:
A combination of weak economic news and the Federal Government’s commitment to the mortgage markets will keep rates in their present range and drifting lower for the foreseeable future. But the markets know that higher rates are coming and no one knows exactly when.
New programs to help homebuyers!
There are a couple of new loan programs. The most exciting is a California Housing Agency Program that will do a loan up to 95% financing. The only problem so far is finding Mortgage Insurance to insure it. Stay tuned though, Mission Hills is working on insurance a may launch it soon.
We’re you told your FICO score is too low?
We now can do loans for people with scores as low as 600! This is 20 points lower than almost lenders. Call today to find out more. One thing we have learned in the Mortgage Business’ new world order: loan programs come and go quickly. Strike while the iron is hot!
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 – 4.75% (5.00% APR) at 1 Point
30 Year Fixed Rate Mortgage – 5.25% (5.08% APR) at 1 Point
1 Year Adjustable Rate Mortgage (1 Year ARM) – 4.625% (3.875% APR)
5/1 Adjustable Rate Mortgage (5/1 ARM) – 4.75% (4.55%APR)
7/1 Adjustable Rate Mortgage (7/1 ARM) – 5.125% (4.875% 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, 06.26.2009. 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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