RPM Mortgage in California
California Mortgage Rate Update for the Week of 04/16/12:
 
 
After a very good week for mortgage rates last week, we started the new week on the same foot and many lenders had a very attractively priced rate sheet this morning.  The luster wore off towards the end of the day, but we're still looking very strong.  Perhaps the best news for all borrowers who thought the train had left the station --- it has not.  We are back revisiting some of the lowest rates we've seen.  It is interesting to note that the stock market continues to have some strong days as well, so the usual inverse interplay seems disconnected for now.  It is possible to get both good rate sheets and a positive day on the Dow and S&P together lately.
 
Economic highlights for the week: This week we have already had March retail sales (coming in better than expected) and a few other non-market movers.  But it seems to me that all eyes are now back on the Fed.  Will they institute more quantitative easing (QE3)?  If so, when?  What will they say in their statement next week?  These appear to be the real market movers to me.  Yes, Europe is back in the news.  So, too, is China, and the close eye on whether its economy is slowing.  How 'bout that old market saw, "Sell in May and go away?"  I was thinking about that one this morning.  Really, what we're getting at here is just how markets are lining up for any outcome.  When the risk trade is on, rates are moving higher.  When the risk trade is off, money flows into bonds and rates get better.  This is the ride we're on, and I suspect we will be for the balance of the 2nd quarter (at least).
 
Lock advice: I am moving to a LOCK position for those who are happy with the rates they are being quoted.  This is simply a great time to be locking something in, and your only motivation to float is fraught with the danger of all things above and how the markets may interpret any of them.  Also, remember that a QE3 move may not be the best thing for rates --- even if you're sure it's coming.  With each successive round of easing, I cannot recall an instance (save for 2009) when the breaking news of this caused rates to drop.  Conversely, the market responded violently the other way (higher rates) on a few occasions.  But again, if I'm Joe Homebuyer, I don't want my 30-year fixed payment subject to the Fed or market's whims.  I want what I identify as good.  And right now, we're all looking at a lot of really great rate sheets. 
 
Remember, we now offer the HARP2.0 refinancing options for those who are underwater on their homes. Contact me with any scenarios.
 
For specific pricing on your scenario, or to get pre-approved without obligation for any of these loan products below, you can:

To learn more about the loan process and get fast answers to some of the most common home finance questions, you can view Rob's short, educational videos on YouTube by clicking HERE.

 

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Robert J. Spinosa

Home Loan Professional
DRE: 01297944 NMLS: 22343

1058 Redwood Highway Mill Valley, CA 94941

877.270.5959 Toll Free
415.367.5959 Cellular
415.366.1590 eFax
rspinosa@rpm-mtg.com

 

 
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2 Comments on California Mortgage Rate Update: 04/16/12

APR
16
2012
519,192 Points Outside Blog Called Shot Master

Our economic situation is really unstable and difficult to guess where it will go.
5:30pm • #1
APR
17
2012
176,303 Points 5 Featured Posts Outside Blog

Indeed.  Most would agree that the economy is better now than it was a couple of years ago, but that doesn't necessarily mean we're out of the woods.  I tend to be optimistic by nature, so keeping an open mind to other perspectives is essential. 

Thanks for the comments and support!

 
5:48am • #2


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