Buyers: Unfortunately, there won’t be a bell that rings alerting us that the market has reached the bottom, but those who invest prior to the swing back up will most likely have the largest equity gain. Along with the lowest rates in years, there is great value in the million dollar plus market, but it is the entry-level market that has had the majority of the activity with incredible deals in the 400k’s and lower. It should be no surprise that this sale surge is largely due to first time home buyers and investors enjoying their opportunities to get back in the market. You can view all homes for sale, including foreclosures, online at SanDiegobythesea.com If you know anyone who is thinking about buying, please let me know how I may be of assistance.
Sellers: Tactical moves are a must in this competitive market. As a seller you will most likely have a competing bank owned foreclosure or short-sale near by, so it’s imperative that you plan accordingly and position your property to sell. I’ve worked with many of these distressed property sales and can help make sure your property has a definitive leg up on the competition. Visit SanDiegobythesea.com to see how we can sell your property. If you know anyone who is thinking about selling, please let me know how I may be of assistance.
Mortgage Rates Fall to New Low
The Washington Post - December 24, 2008
Mortgage rates continued tumbling, as Freddie Mac reported today that interest on 30-year loans averaged 5.14 percent this week, the lowest point since it began tracking in 1971.
That was down from 5.19 percent last week, itself a new low point. A year ago, rates stood at 6.17 percent. Rates have fallen for the past eight weeks as evidence of the economy's problems has accumulated.
At 5.14 percent, the monthly principal and interest payment on a $200,000 loan is $1,091. That's $130 a month less than the same loan would have cost at last year's rates.
The low rates have been a bright spot amid a torrent of downbeat economic and housing news. Homeowners have rushed to refinance their loans to cut costs or switch from adjustable-rate mortgages to fixed-rate loans. Last week, mortgage applications jumped to the highest level in five years, according to a report from the Mortgage Bankers Association.
More than 80 percent of those were applications were for refinancing, but the association also measured an 11 percent increase in applications for home purchase loans.
The 30-year mortgage rates as stated in Freddie Mac's survey include 0.8 points. A point is an upfront financing charge equal to 1 percent of the mortgage.
Freddie Mac also reported that 15-year fixed-rate mortgages averaged 4.91 percent with an average 0.7 point, down from last week when it averaged 4.92 percent. That's the lowest since April 2004.
Mortgage rates continued tumbling, as Freddie Mac reported today that interest on 30-year loans averaged 5.14 percent this week, the lowest point since it began tracking in 1971.
That was down from 5.19 percent last week, itself a new low point. A year ago, rates stood at 6.17 percent. Rates have fallen for the past eight weeks as evidence of the economy's problems has accumulated.
At 5.14 percent, the monthly principal and interest payment on a $200,000 loan is $1,091. That's $130 a month less than the same loan would have cost at last year's rates.
The low rates have been a bright spot amid a torrent of downbeat economic and housing news. Homeowners have rushed to refinance their loans to cut costs or switch from adjustable-rate mortgages to fixed-rate loans. Last week, mortgage applications jumped to the highest level in five years, according to a report from the Mortgage Bankers Association.
More than 80 percent of those were applications were for refinancing, but the association also measured an 11 percent increase in applications for home purchase loans.
The 30-year mortgage rates as stated in Freddie Mac's survey include 0.8 points. A point is an upfront financing charge equal to 1 percent of the mortgage.
Freddie Mac also reported that 15-year fixed-rate mortgages averaged 4.91 percent with an average 0.7 point, down from last week when it averaged 4.92 percent. That's the lowest since April 2004.
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