Lenders may raise mortgage rates this weekend.
Despite the 10 year treasury yield, the benchmark for 30 year fixed mortgage rates rising to 3.676 as of 11:23 PST today from from just above 3.2 earlier this week fixed mortgage rates today remain low.
It is common for lenders to keep rates low late in the week and make the big adjustment over the weekend to the chagrin of loan officers and refinancing homeowners.
That being said, 5% on a 30 year fixed mortgage is available with no buy down points on loan amounts under $417,000. Jumbo mortgage rates are readily available in the mid 5 to high 5 percentile range.
Yesterday everyone breathed a sigh of relief as housing data showed a stabilization of the median home price in May. Data also shows in Southern California home prices made gains in June. The Orange, Riverside, LA, and San Diego counties have been hampered by foreclosed properties dominating sales and dragging down values. For the first time this year foreclosures made up less than half of all sales.
It's hoped that a stabilized market in Southern California can reduce the risk in jumbo lending freeing credit and allowing Californians in prominently high end markets to refinance their high interest rate jumbo mortgages.
Other notes: My research into mortgage net branch programs still determines the best is Supreme Lending. FreeRateUpdate.com now offers a free mortgage rate widget so if you have a website you can display mortgage rates free to your visitors.
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