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San Rafael Mortgage Rates & Monday’s News: It’s All Connected
          One way or another, it’s all connected.
Last week ended with what some observers justifiably called a “shocking” development—one that could impact San Rafael’s home buyers and sellers measurably—at least in the short run. It came with the release of the employment statistics from the Department of Labor. They weren’t good numbers. But the surprisingly weak report might be good news for some home buyers, since it could well affect affordability. As I said, it’s all connected.
“Affordability” is the index that seeks to summarize in a single number whether or not a typical family would qualify for a mortgage under current economic conditions. When a homeowner in San Rafael is looking at the state of the market, it’s not a bad indicator for explaining why sales might be rising or falling. Even though the nation’s residential prices have been rising steadily, the Affordability Index has remained better than the historical average. You’d think that when something is more expensive, it would be less affordable—but the contradiction is explainable when mortgage interest rates are taken into account.
All across the U.S., very low mortgage interest rates have been more than compensating for higher home price tags. Interest rates near ... more

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