Interest rates have remained low through most of 2009, which has been great for Orange County home owners. Except for the typical fluctuations from time to time, mortgage rates have been very low all year.
FHA mortgage rates have been in the 5% to 5.5% range for most of the year, with a short term dip to 4.5% in April. Rates tend to be slightly higher for “Jumbo” FHA loan amounts between $417,000 and $729,750. In this higher loan amount range, rates have tended to be between 5.25% and 5.75%.
VA mortgage rates tend to mirror FHA mortgage rates. Lenders do have a bump in pricing or rate when the loan amount goes over $417,000. VA offers 100% financing in Orange County to a loan amount of $737,500. Amazing.
Conventional mortgage rates for the 30 year fixed program (assuming loan amounts under $417,000) have been in the 4.75% to 5.5% range for most of the year. Pricing on Conventional loans can be tricky. The best pricing is available to borrowers with FICO scores above 740 and loan amounts at 60% of the properties value or less. If a borrower is looking to pull cash out, or if their FICO score falls below 740, the rate or fee will be higher, as mandated by Fannie Mae and Freddie Mac. 15 year fixed programs have lower rates by as much as .25% to .5%. Also, the 5 year fixed program has been in the 4% range for much of the 2nd half of 2009.
Forecast for 2010
Mortgage rates can’t stay this low forever, but there is not an expectation that they’ll dramatically increase in 2010. As the economy recovers (we all hope), mortgage rates will begin to go up. The current environment of low home prices and low interest rates has worked to create an excellent time to refinance or purchase a home. Couple that with the First Time Buyer Tax Credit and now the Move-Up Buyer tax credit, and how much better can it be.
Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan. 877-786-4243 x 7.
www.OCFHALoans.com
Contact us for your Orange County Mortgage:
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
* Licensed by Department of Corporations under the California Residential Mortgage Lending Act. PRMI Branch License 813F487.
Tagged as:
anaheim,
california,
FHA Mortgage,
fha rates,
orange county,
santa ana,
VA loan,
va loan rates
Mortgage Interest Rates Remain Low for Orange County Home Owners in 2009
by Tim Storm on November 6, 2009
Interest rates have remained low through most of 2009, which has been great for Orange County home owners. Except for the typical fluctuations from time to time, mortgage rates have been very low all year.
FHA Mortgage Rates for Orange County
FHA mortgage rates have been in the 5% to 5.5% range for most of the year, with a short term dip to 4.5% in April. Rates tend to be slightly higher for “Jumbo” FHA loan amounts between $417,000 and $729,750. In this higher loan amount range, rates have tended to be between 5.25% and 5.75%.
VA Mortgage Rates for Orange County
VA mortgage rates tend to mirror FHA mortgage rates. Lenders do have a bump in pricing or rate when the loan amount goes over $417,000. VA offers 100% financing in Orange County to a loan amount of $737,500. Amazing.
Conventional Mortgage Rates for Orange County
Conventional mortgage rates for the 30 year fixed program (assuming loan amounts under $417,000) have been in the 4.75% to 5.5% range for most of the year. Pricing on Conventional loans can be tricky. The best pricing is available to borrowers with FICO scores above 740 and loan amounts at 60% of the properties value or less. If a borrower is looking to pull cash out, or if their FICO score falls below 740, the rate or fee will be higher, as mandated by Fannie Mae and Freddie Mac. 15 year fixed programs have lower rates by as much as .25% to .5%. Also, the 5 year fixed program has been in the 4% range for much of the 2nd half of 2009.
Forecast for 2010
Mortgage rates can’t stay this low forever, but there is not an expectation that they’ll dramatically increase in 2010. As the economy recovers (we all hope), mortgage rates will begin to go up. The current environment of low home prices and low interest rates has worked to create an excellent time to refinance or purchase a home. Couple that with the First Time Buyer Tax Credit and now the Move-Up Buyer tax credit, and how much better can it be.
Authored by Tim Storm, an Orange County, CA Loan Officer – Please contact my office at Frost Mortgage Lending Group for more information about an Orange County, CA home loan. 877-786-4243 x 7.
www.OCFHALoans.com
Contact us for your Orange County Mortgage:
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
* Licensed by Department of Corporations under the California Residential Mortgage Lending Act. PRMI Branch License 813F487.
Tagged as: anaheim, california, FHA Mortgage, fha rates, orange county, santa ana, VA loan, va loan rates