Mortgage Applications & Current Interest Rates
Mortgage applications fell again last week as average 30-year rates held relatively flat at 5.00%. Refinancing activity was much higher back when rates were below 5.0%, which you would expect. Now, refinancing activity is at somewhat “normal levels.” Purchases, however, are sinking as well and hit their lowest level since May 2009. It seems natural though that purchase applications would sink seeing as the tax credit for first-time homebuyers is essentially over now with no time for potential buyers to get deals done before the deadline. Locally however, the $8,000 tax credit did not appear to help many buyers in the Northeast areas of Los Angeles. Even though property values are lower than in past years, an income of over $75,000 is usually required to purchase a home in this area. The latest update from Capitol Hill is that the Democrats have agreed on a tax credit proposal that would extend through next spring. The updated program would be a 10% tax credit (up to a maximum of $7,250), but would also include buyers who are not first-time homeowners and have higher incomes. Hopefully, this plan along with low interest rates would stimulate purchase activity again.
Currently the rate for the 30 year fixed is 4.875% with one point. At Northeast Financial, if you prefer not to pay a point you may be able to qualify for a “no points” loan at 5%.
To find out if you qualify I invite you to call Joe Elizondo of Northeast Financial at (323) 256-7833 or email Joe at neast-financial@sbcglobal.net
October 9 Market Report Update
As expected, mortgage applications made an impressive jump last week, up 16.4%, as mortgage rates continue to drop.
Both refinances and purchase applications were up indicating that consumers are interested in readjusting their payments as well as buying homes. While applications are at their highest level since May 2009, and this is very good news, the question remains, what percentage of these applications will be accepted?
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
September 30 Mortgage Rate Update
Mortgage applications fell slightly last week. This followed a 12.8% gain from the previous week.
The 30 year rate in Los Angeles County is at 4.625% (4 5/8 %) With rates at this level purchases become very attractive, and current homeowners who have not refinanced may want to take advantage of these great rates. I do expect rates to remain within the 5% range until the end of the year.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
Existing Home Sale Numbers Released Today 9/24/2009
The numbers for existing home sales were released today. Sales were lower than expected, coming in at 5.1 million (nationwide) against an expected 5.3 million.
Inventories nationwide were down 11% to 3.6 million and supply dropped from 9.3 months to 8.5 months.
Even though sales did not meet the expected number, it was the second highest monthly total in the past 23 months.
Housing has been the epicenter of the recent financial mess and any missteps during the recovery could have a severe impact on the market.
Interest rates have continued to be under 5% for the 30 year fixed. Today’s rate is currently at 4.875%.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
Mortgage applications rebound
Mortgage applications made a nice rebound to the highest level since May. Helping applications along the way has been falling mortgage rates, and once again rates have broken below 5%, (today’s rate for, Wednesday September 23, 2009 is 4.75% for the 30 year fixed) leading to a resurgence of refinancing activity.
Not only that, but purchase applications, which generally herald new home sales, are showing signs of forming an uptrend. If interest rates stay within this current range (4.75%-5.375%), I would expect to see the real estate market continue it’s recovery.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
Los Angeles Mortgage Rates
Los Angeles Mortgage Rates: Rate Watch
On Monday August 31, 2009, the interest rate for the 30 year fix was 4.875%, as of Thursday, September 3, 2009 the rate had dropped 0.125% to 4.75%. In the past ten days we have seen interest move from 5.25% to 4.75% for the 30 year fixed. If you are refinancing with no cash out this would be a great time to lock in your rate.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
The interest rates for Monday April 20, 2009
The interest rates for Monday April 20, 2009 are:
30 year fixed 4.625% with 1 point 4.875% with 0 points
30 year fixed High balance conforming
5.0% with 1 point 5.25% with 0 points.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.
Rates: April 10, 2009
The 30 year fixed for Friday, April 10, 2009 is at 4.625% with one point, 4.875% with zero points.
The 15 year fixed is at 4.375 with 1 point and at 4.625% with zero points.
Need more information? Call Joe Elizondo of Northeast Financial at 323-256-7833 or email Joe at neast-financial @ sbcglobal.net.