Wow! What a crazy last week for mortgage rates in San Diego, CA. As you can see from the picture below, rates have taken A BIG turn for the worse. The green candlesticks are good, meaning rates are getting better. The red candlesticks are BAD meaning RATES ARE GETTING WORSE (going up). Also the higher that candlestick on this Fannie Mae 3.5 coupon chart, the lower interest rates are. The lower the candlesticks are on this chart, the higher interest rates are.
I hope you're sitting down.... it's a wild ride. Anyone who is on the fence right now needs to get off of it, we might have seen the lowest rates ever and now we will most likely see them going up and not coming back down. The Mortgage Bankers Association estimates the 30 year fixed to be at 4% by the end of the year and going up higher than that next year, 2014. See my other blog here about how rising rates affect your monthly payment http://activerain.com/blogsview/3735342/san-diego-mortgage-rates-are-going-up-
photo courtesy of Ratewatch