Expert Analysis on the Mortgage Market.

Have you ever wondered how the mortgage market really works?  Well this is one of the funnest explainations I have seen.  Check it out!

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30 Year Mortgage Rates Fall to five year low

Rates on San Diego Mortgages dropped to their lowest level in five month, Freddie Mac reported in it’s weekly survey.  Thirty-year, fixed rate mortgages fell to 6.25 perent from 6.33 percent last week.  The lowest level since the week of May 17th. 

Rates on 15-year, fixed rate mortgages fell to 5.91 percent from 5.99 percent.  Rates on five-year, adjustable-rate mortgage fell to 5.98 percent from 6.03 percent.  Rates on one-year ARM’s dropped to 5.57 percent from 5.66 percent.

Fannie Mac reported that these rates did not include add-on fees known as points.  30 year and 15 year, fixed rate mortgages carried a nationwide average fee of 0.4 point, as did the 5-year ARM.  The one-year ARM carried an average fee of 0.6 point.

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 San Diego County Home Values

San Diego County’s most recent home sales figures as reported by Realtist for San Diego County Single Family Homes and Condos recorded up to 06/07/2007:

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March Sales Figures for California State

Statewide a total of 39,800 new and resale houses and condos were sold in March. That’s up 27.5 percent from 31,228 for February of 2007.  A increase from February to March is normal for the season.  Last month’s sales made for the slowest March since 1997 when 36,498 homes were sold.  March sales from 1988 to 2007 range from 29,356 in 1993 to 68,848 in 2005. The average is 46,256

California Median Sale Price

The median price paid for a home last month was $484,000 for the state, a new record.  San Diego County Home values were down slightly to $494,250.  While the overall state values went up 2.5 percent from February’s $472,000, and up 3.0 percent from $470,000 for March a year ago, San Diego County Home values were down 5.86%.

The typical California mortgage payment that home buyers committed themselves to paying last month was $2,230. That was up from $2,196 in February, and down from $2,235 for March a year ago. The peak was $2,372 last June. Adjusted for inflation, mortgage payments are 8.3 percent above the spring 1989 peak of the prior real estate cycle.   

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Conforming Loan Limits remain at $417,000

The office of Federal Housing Enterprise Oversight (OFHEO) announced that conforming lona limits for single-family mortgages will remain at $417,000.  The same level that was established in 2006.  The conforming loan limit determines the maximum size of a mortgage that Fannie Mae and Freddie Mac can buy or guarantee.  Therefore, these types of loans have traditionally had LOWER interest Rates.

C.A.R. President says “California Home Buers are being Shortchanged!”

“By leaving the conforming loan limit un-chenged California Home Buyers are being Shortchanged,” says C.A.R. President Colleen Badagliacco.  The median price of a home in California exeeds the national median by 79%, yet California is not recognized by OFHEO as a “HIGH COST” State?  What are they thinking?  Alaska, Hawaii, Guam, and the U.S. Virgin Islands ARE recoginzed as ‘high-cost’ states.  Currently California has the third Highest Home prices in the Nation, compared to Hawaii at number 7 and Alaska at number 39!  Once Again, WHAT is the OFHEO Thinking??  If you would like to voice your opinion on this issue please visit their website:

Office of Federal Housing Enterprise Oversight (OFHEO)
1700 G Street, NW
4th Floor
Washington, DC 20552
Phone: 202-414-3800
Fax: 202-414-3823
Web: http://www.ofheo.gov/
E-Mail: ofheoinquiries@ofheo.gov

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San Diego CA - San Deigo Mortgage rates continue to decline!  Thirty-year, Fixed-Rate mortgages averaged 6.11 percent this past week, down from 6.14 percent last week according to Freddie Mac.  This great news was also reported in their nationwide survey.  “The only time this year that San Diego Mortgage rates have been lower were the Week of Jan 19th, when the thirty-year Fixed-rate was at 6.10 percent”, according to George Spear- a Senior Mortgage Broker and Realtor with San Diego Financial.  

Rates on 15-year, Fixed-rate mortgages were also lower this last week.  15 year fixed-rate mortgages fell to 5.84 percent from 5.87 percent.  For one-year adjustable rate loans rates fell to 5.43 percent from 5.46 percent.  Five year adjustable rate mortgages fell to 5.92 percent.

Freddie Mac reports do not include add on fees or points.  Thirty year, 15 year, and 5 year mortgages each carry an average of 0.5 points while one year adjustable mortgages carried an average fee of 0.70 points.

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