Home Interest Rate Update - California Mortgage Broker News September 2019

Home Interest Rate Update - California Mortgage Broker News September 2019. Ask Your Mortgage Guy Apr 26

Home Interest Rate Update - California Mortgage Broker News September 2019 video duration 2 Minute(s) 44 Second(s), published by Teresa Tims on 29 04 2019 - 20:12:56.

Subscribe to get SoCal Real Estate and Mortgage Updates: http://bit.ly/2k3UXTn Watch My California Home Buyer BootCamp: http://bit.ly/2m53JkH Southern There is more to mortgage interest rates than simply a lower or higher mortgage payment
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Southern California Mortgage Interest Rate Update TDR Mortgage Teresa Tims

Hey there Teresa Tims, President of TDR Mortgage serving the southern California market. Hey, just real fast, you know that whole rate thing really helped us out by rejuvenating the market. We were in a little bit of a slump there and having the rates come down, in many cases a full percent with FHA really helped buyer affordability. Unfortunately that was short lived and just in the last week I'm so disappointed with many opportunities that I'd had to help clients that really just didn't want to pull the trigger on refinancing because they thought rates were going to go lower. And/or buyers that we were qualifying trying to get them as high as possible.

California Interest Rates are headed back up
So let me just kind of tell you where we're at. So I don't know, a couple of months ago we were pricing out FHA loans at 4.75, two, three weeks ago it had got down to 3.6 or 3.7 with no points. You could even get 3.5 if you paid like a point or a point and a half. So that really generated, or that really created an opportunity for buyers to purchase 30, 40, 50,000 more thousand dollars on their sales prices.

So right now FHA, we're at about 4.125 at par, that means with no points. 720 FICO, 425 sales price. A conventional 20% down 4.3, we were at 3.99 and many cases I even priced one out at 3.8. Somebody that had that was putting 25% down for 800 FICO.

So now we're back into the 4s the low 4s, you know on these buyer programs where the people are putting 3% down, you can expect that rate to be in the high 4s. VA at par. We're at 4.25, so everything that I'm hearing is that little dip. It was short-lived. So just be out there when you're communicating to clients. We know the market is trending downward. However the rates, when the rates go up a full percent it really, really impacts affordability. If you're out there talking to your friends and family and they were thinking about refinancing. Have them look into now. If you have any loans in the pipeline make sure those loans are locked to put your buyers in the best position.

If you're looking for anyone to assist you with any of your buyer transactions think of me Teresa Tims, thesocalloanpro.com I would be so honored. Have a wonderful day.

Southern California Home Loan Expert, Teresa Tims, Vlogs to educate and help Consumers make an Educated decision when it comes to Home Loan Lending In California.

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