Interest Rates: 30 Year Fixed Is a Great Rate Right Now
If you have an ARM and it’s keeping you up at night, this could be a great time to refinance.
We just got the mortgage update this morning from one of our favorite lenders, Adam Wise of North Coast Mortgage.He’s writing conforming, 30-year fixed loans in Marin County for 6 1/8, and non-conforming loans for 6 1/2 %.
Those are terrific fixed rates, by both recent and long term historical standards.
Adam also pointed out that if you’re on a home equity line, you’re probably paying over 8% on that right now too, since it’s probably linked to prime. So rolling everything into one fixed payment may be an option that you consider also.
And of course for new home buyers, this is good news. Inventory is high in Marin County right now. Towns like Corte Madera,San Rafael and Mill Valley have lots of terrific homes available. Homes in contract stands at 24%, which is a buyers market. Lots of sellers are looking to make a deal happen. We have a great new listing in San Rafael (go to our website to see it) and the owner is moving to France. She’s very interested in selling, and getting on with her new life in France.
Certain life changes, such as new babies, retirement, relocation, etc. happen irrespective of what is happening in the real estate market. When looking at a home, always ask the question, “Why are they selling?” The answer will tell you a lot about the motivation of the seller. Some are really interested in selling their property; others are just on a fishing expedition, and want to see if anyone will bite.
