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Mortgage Rate update and more Eye Candy?
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Today's POV* Home Mortgage rates came out and stayed the same without the flurry of re-pricing that so many Wholesale Lenders have been doing lately. Conforming Rates ($417k and under) are at 4.625% and Jumbo Conforming (up to $729,750) at 5.0%. SUPER Jumbos (up to $2 million) down at tad at 5.875% or 5.0% for the 5yr fixed model. As always scenarios, questions or comments welcome at lololoans@yahoo.com
Looooooking Gooood???? Moody's has combined a forecast with the Case-Schiller index of home values and are gazing in THEIR Crystal ball. Are home values in the SF Bay Area poised for a bit of a rebound? Time will tell! http://realestate.yahoo.com/promo/10-hard-hit-housing-markets-that-are-ready-to-rebound.html
Speaking of Values: When purchasing of course it is the job of your Realtor to advise you on what a realistic Offer is based on comps, etc. That's part of how they earn the Big Bucks. However when Refinancing one's home you are pretty much on your own. Remember that the Loan To Value Ratio is one of the Holy Trifecta (FICO score and property type being the other two) of what rate and cost you qualify for on your new loan. Of the gazillion home valuation sites out there, www.eppraisal.com is a fairly good one. Like out old standbys of www.zillow.com and www.homegain.com it pulls from the public record database but what differs is that they post 2 OTHER web site values as well on the results page. Kinda cool and worth a look . Not a bad idea to use all 3 and go with the lower of the lowest end of the range to due your math.
*POV= Plain, Old, Vanilla Home Mortgage. 30yr fixed, fully amortized. Single Family Residence, Owner Occupied, Rate and term or Purchase only, minimum 20% equity and lower cost and rates for the PANDA if he decides to live in SF!
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