Over the last week the 10 year treasury rate has consolidated back towards the 50 day moving average. That has pushed mortgage interest rates lower. Although the 10 year yield is much higher today than two months ago we are seeing a bit of a pull back. This is not unusual as nothing goes up forever. If you are looking to refinance or take out your first home loan in Los Angeles or San Diego there are a number of mortgage products available.
An FHA mortgage is a great choice for those that do not have a large amount of money to put down as a down payment. Remember that an FHA mortgage often comes with a 30 year or 15 year home loan. If borrowers decide on a 15 year home loan it will come at a higher monthly cost but the overall amount paid in the long run will be much less. Home buyers should use a mortgage payment calculator to see just how much their mortgage will be each month of the loan.
Also note that VA, USDA and other mortgage products that can help those in a specific line of work. Contact a local mortgage broker or even a bank such as Wells Fargo, Bank of America or JP Morgan Chase to see what options are available. Remember that a mortgage broker is able to work with many banks and lenders so they will shop around for the lowest rate for your current financial situation. There is a fee for a mortgage broker but that fee is often offset by the overall savings of lower interest rates on the home loan.
California and San Diego, California are very hot real estate markets at the time. All homeowners should understand that mortgage rates do not reflect a hot or cold market. There have been hot markets in which interest rates have been extremely low while there have also been hot markets when mortgage rates have been high, and vice versa. To compare mortgage interest rates today contact a mortgage broker and go to some bank websites. There are many small community banks in California that can help you lock in some of the lowest mortgage rates in history. If you want more information on rates or refinancing your home loan feel free to reach out to me at firstname.lastname@example.org.