San Diego Mortgage News

Another great week for California homeowners to lock a historically low interest rate for their home loan and improve their financial position.

Mortgage rates improved again Monday June 16th despite stronger-than-expected economic data.  When economic reports are beat expectations, rates have a tendency to move higher, but it would seem that political tensions from around the world are holding back financial markets to some extent.  

The most prevalently quoted conforming 30yr fixed rate remains 4.25% although for some rates can be lower. Many borrowers will also feel improvement in the form of lower closing costs and lower payments due to the removal of that dreaded PMI that can be removed with enough equity.

While this is great news for Southern California homeowners, especially those in markets where property values are increasing quickly like San Diego and Riverside it doesn't mean rates couldn't continue higher in the near future.  That said, rates are still much closer to recent lows than they usually stay after historically similar market fluctuations, which is ample justification for those inclined to lock.  Call me today to evaluate your mortgage for a refinancing 619-542-7744.