Prevailing Sonoma County Home Mortgage Rates – July 3, 2009
July 3rd, 2009 categories: Mortgage Rates
Prevailing Sonoma County Home Mortgage Rates – July 3, 2009
Mortgage rates continue to improve…higher rates may be on the horizon.
Today we received new important reports on employment. Both were very negative and worrisome for the stock market. The reaction was lower mortgage rates as Treasuries and MBS both moved higher in price. The higher the price, the lower in yield and that moves rates down.
The only other piece of economic news that could move rates this week is Factory Orders which measures orders for durable and non durable goods. A strong number would temper the improvement in rates.
Bottom line…If you have been waiting to buy with low rates, buy now. If you have bought, but not locked in a rate, lock it.
We have crossed a major threshold and rates will be resistant to move lower. Usually there is a pull back which happens as investors wait for a sign of market direction. This means every economic report, earnings statement, and headline news will affect financial markets. This could be a rocky time for rates.
July first marks the beginning of the last 5 months of the $8,000 Tax credit.
The Federal Government is paying first time buyers $8,000 to buy a home. Can you imagine how you’ll feel if you miss out on it?
Were counting down the days so that you can never say, “I wish someone would have told me about that!” Don’t miss out on this unique moment in history.
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 – 4.25% (4.59% APR)
30 Year Fixed Rate Mortgage – 4.875% (5.257% APR)
1 Year Adjustable Rate Mortgage (1 Year ARM) – 4.00% (3.87% APR)
5/1 Adjustable Rate Mortgage (5/1 ARM) – 4.15% (3.92%APR)
7/1 Adjustable Rate Mortgage (7/1 ARM) – 4.375% (4.05% 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, 07.03.2009. 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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