Weekly Mortgage Rate Update

The economic news this week contained few surprises. The major data, the US Retail Sales report and third quarter Eurozone Gross Domestic Product (GDP), came in very close to expectations. As a result, mortgage rates ended the week with little change.

THIS WEEK'S RATE TREND IS FLAT

Loan Amounts under $417K, Shown as Note Rate/APR

Conforming 30 year fixed: 4.125/4.185

FHA 30 Year Fixed: 3.625/5.146

Conforming 5/1 ARM: 3.125/2.988

Conforming 7/1 ARM: 3.375/3.231

Loan Amounts over $417K up to County Limits, Shown as Note Rate/APR

High Balance Conf. 30 Year Fixed: 4.125/4.172

FHA High Balance 30 Year Fixed: 3.750/5.264

High Balance 5/1 ARM: 3.500/3.116

Loan Amounts Exceeding County Limits, Shown as Note Rate/APR

Jumbo 30 Year Fixed: 4.000      /4.039

Jumbo 5/1 ARM:  3.125/3.068

Jumbo 7/1 ARM: 3.500/3.253

Jumbo 10/1 ARM: 4.000/3.638

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

FHA

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

Kelly Marsh

Branch Manager

805-563-1100 ext. 106

KellyM@BroadviewMortgage.com

Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

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Weekly Mortgage Rate Update

While the US economy continues to show moderate growth, this week investors grew more concerned about the pace of economic growth outside the US. As a result, they shifted assets to bonds at the expense of stocks, which helped mortgage rates end the week a little lower.

THIS WEEK'S RATE TREND IS DOWN

Loan Amounts under $417K, Shown as Note Rate / (APR)

Conforming 30 year fixed: 4.125% / (APR 4.185)

FHA 30 Year Fixed: 3.625% / (APR 5.146)

Conforming 5/1 ARM: 3.000% / (APR 3.156)

Conforming 7/1 ARM: 3.125%      / (APR 3.114)

Loan Amounts over $417K up to County Limits, Shown as Note Rate / (APR)

High Balance Conf. 30 Year Fixed: 4.250% / (APR 4.297)

FHA High Balance 30 Year Fixed: 3.750% / (APR 5.264)

High Balance 5/1 ARM: 3.500% / (APR 3.116)

Loan Amounts Exceeding County Limits, Shown as Note Rate / (APR)

Jumbo 30 Year Fixed: 4.000% / (APR 4.239)

Jumbo 5/1 ARM:  3.250% / (APR 3.108)

Jumbo 7/1 ARM: 3.500% / (APR 3.253)

Jumbo 10/1 ARM: 3.750% / (APR 3.428)

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

High Balance FHA

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

Kelly Marsh

Branch Manager

805-563-1100 ext. 106

KellyM@BroadviewMortgage.com

  

Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

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Weekly Mortgage Rate Update

While the US economy continues to show moderate growth, this week investors grew more concerned about the pace of economic growth outside the US. As a result, they shifted assets to bonds at the expense of stocks, which helped mortgage rates end the week a little lower.

THIS WEEK'S RATE TREND IS DOWN

Loan Amounts under $417K, Shown as Note Rate / (APR)

Conforming 30 year fixed: 4.125% / (APR 4.210)

FHA 30 Year Fixed: 3.750% / (APR 5.265)

Conforming 5/1 ARM: 3.000% / (APR 3.144)

Conforming 7/1 ARM: 3.250%      / (APR 3.159)

Loan Amounts over $417K up to County Limits, Shown as Note Rate / (APR)

High Balance Conf. 30 Year Fixed: 4.250% / (APR 4.323%)

FHA High Balance 30 Year Fixed: 3.875% / (APR 5.492)

High Balance 5/1 ARM: 3.625% / (APR 3.289)

Loan Amounts Exceeding County Limits, Shown as Note Rate / (APR)

Jumbo 30 Year Fixed: 4.000% / (APR 4.110%)

Jumbo 5/1 ARM:  3.000% / (APR 3.144%)

Jumbo 7/1 ARM: 3.250% / (APR 3.189)

Jumbo 10/1 ARM: 3.625% / (APR 3.359)

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

High Balance FHA

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

Kelly Marsh

Branch Manager

805-563-1100 ext. 106

KellyM@BroadviewMortgage.com

  

Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

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Weekly Mortgage Update

by Kelly Marsh, Broadview Mortgage

A wide range of stronger than expected economic data pressured mortgage rates during most of this week. A surprise announcement from the European Central Bank (ECB) and a shortfall in the US Employment report helped offset the other data, however, mortgage rates ended the week flat.

THIS WEEK'S RATE TREND IS FLAT

Loan Amounts under $417K, Shown as Note Rate / (APR)

Conforming 30 year fixed: 4.125% / (APR 4.210)

FHA 30 Year Fixed: 3.750% / (APR 5.265)

Conforming 5/1 ARM: 2.875% / (APR 3.044)

Conforming 7/1 ARM: 3.250%      / (APR 3.259)

Loan Amounts over $417K up to County Limits, Shown as Note Rate / (APR)

High Balance Conf. 30 Year Fixed: 4.250% / (APR 4.323%)

FHA High Balance 30 Year Fixed: 3.875% / (APR 5.492)

High Balance 5/1 ARM: 3.375% / (APR 3.089)

Loan Amounts Exceeding County Limits, Shown as Note Rate / (APR)

Jumbo 30 Year Fixed: 4.000% / (APR 4.110%)

Jumbo 5/1 ARM:  2.875% / (APR 3.044%)

Jumbo 7/1 ARM: 3.250% / (APR 3.189)

Jumbo 10/1 ARM: 3.625% / (APR 3.459)

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

High Balance FHA

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

Kelly Marsh

Branch Manager

805-563-1100 ext. 106

KellyM@BroadviewMortgage.com

  

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Heighten Your Senses– Give Yourself a Competitive Edge

When you’re in the process of selling your home, consider what you look for when buying a home. In order to get a buyer to make a purchase, they must feel an emotional tie to the home. Factors like location and price play a prominent part, but by appealing to a buyers’ emotions you’re putting the icing on the cake. An emotional pull is likely to outweigh other factors. One of the easiest ways to create that connection is by creating an inviting sensory experience.

The sense of smell might be the most impactful of all the senses. Think about your own life, do certain smells conjure up both happy and sad memories. Smell can transport you to a different time and place. As a home seller you can use this to your advantage. Start by thoroughly cleaning your home; steam clean carpets, air out closed off rooms and invest in lightly scented air fresheners (be cautious of anything too bold). Pay attention to anything that can cause an unpleasant odor, like garbage cans and dirty laundry, and make sure these areas are cleaned before an open house or showing. If you have notice of an open house or showing, consider baking homemade goodies. Accompany the treats with a handwritten note inviting the guests to sit, relax and enjoy. The aroma and hand written note will make the potential buyer feel right at home and hopefully remind them of fond memories associated with the scent.

On that same note, taste can also be used as a way to build an emotional connection. Set out coffee, fresh baked goods, fruit or even candy. This can help buyers to feel comfortable and leave them with a pleasant impression.

Another way to relax and make a potential buyer feel at home is through music. Like the sense of smell,sound can also have a positive (or negative) impact on a potential buyer. Keep music low so you’re not disrupting the buyer, but consider playing soft, upbeat melodic music in the background.

Never underestimate the sense of sight. Like scent, this can be a very powerful sensory trigger. Look at the outside of your home. What kinds of emotions does it bring up? Be sure that your lawn is up kept and your exterior looks inviting. Inside the home, remove any clutter and have toys packed away neatly if you have children. Because you want the buyer to see themselves in your home, remove any family photos to create a clean slate. Visualization is easier for the buyer in a tidy and neutral environment.

Lastly, don’t forget about your sense of touch. If there’s a surface in your house that looks unpleasant to touch, this will be an unattractive quality to your buyers. Make sure surfaces are dusted and any other kind of grime or residue is removed. Happy selling!

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Weekly Mortgage Update

August 22, 2014
by Kelly Marsh

Reduced concerns about the conflict in Ukraine caused investors to shift back to riskier assets early this week, reversing much of the improvement in rates from the prior week. Stronger than expected housing data and slightly more hawkish comments from Fed officials also were negative for mortgage rates. As a result, mortgage rates ended the week a little higher.

THIS WEEK'S RATE TREND IS UP

Loan Amounts under $417K, Shown as Note Rate / (APR)

Conforming 30 year fixed: 4.125% / (APR 4.210)

FHA 30 Year Fixed: 3.750% / (APR 5.265)

Conforming 5/1 ARM: 2.875% / (APR 3.044)

Conforming 7/1 ARM: 3.250%      / (APR 3.259)

Loan Amounts over $417K up to County Limits, Shown as Note Rate / (APR)

High Balance Conf. 30 Year Fixed: 4.250% / (APR 4.323%)

FHA High Balance 30 Year Fixed: 3.875% / (APR 5.492)

High Balance 5/1 ARM: 3.375% / (APR 3.089)

Loan Amounts Exceeding County Limits, Shown as Note Rate / (APR)

Jumbo 30 Year Fixed: 4.000% / (APR 4.110%)

Jumbo 5/1 ARM:  2.875% / (APR 3.044%)

Jumbo 7/1 ARM: 3.3750% / (APR 3.189)

Jumbo 10/1 ARM: 3.625% / (APR 3.459)

Loan Limit Snapshot

Conforming

All Counties: $417,000

High Balance Conforming

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

High Balance FHA

Santa Barbara: $625,500

Ventura: $598,000

San Diego: $546,250

LA/Orange: $625,500

Licensed by the Department of Corporations under the California Residential Act License #813G136.  Subject to applicant and property qualification and availability of funds. Subject to change without notice. Rates and terms apply only to subject programs. Unless otherwise noted, rates shown are based on the purchase of a primary residence with one point loan origination. Rates vary by situation, so please call for a personalized rate quote.  This is intended to be informational to the real estate industry only and is not to be used with respect to an individual consumer who may be seeking mortgage credit, as certain information is not included, such as the APR.  Registered with the Nationwide Mortgage Licensing System and registry, NMLS #245822.

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Sewer Lateral Inspections in Ventura and its Role in Home Sales

There’s a new ordinance affecting the residents of the City of Ventura that also impacts home sales. Effective February 3, 2014 inspections of private sewer laterals are required prior to closing. This new ordinance came about due to a lawsuit involving the City of Ventura’s sewage overflow and in an effort to prevent disruptions in operation of the public sewer. The required inspections are aimed at helping residents identify timely inspections and repairs or replacements of private sewer laterals. A private sewer lateral is the pipe that connects a business or home’s plumbing system to the City’s wastewater collection pipeline. The homeowner is responsible for the entire pipe length, not just the portion underneath their property. Although Ventura Water is responsible for maintenance on the main pipelines, private property maintenance is the responsibility of the property owner.

If you’re a real estate agent or someone that is considering selling your home, you are encouraged to have a licensed plumber inspect your home prior to the opening of escrow. This will ensure you that you have plenty of time to complete the inspection and required paperwork. Sellers are required to submit the Private Sewer Lateral Inspection Report to the city’s Building and Safety Division prior to closing.

In the event that repairs are required, the buyer and seller may reach an agreement in regards to who is responsible for financing and making all necessary repairs. Generally, the repairs should be made within a six month window of the home sale.

For an overview of the new ordinance, watch this video from Ventura Water. More information is also available at http://www.cityofventura.net/water/privatelateral. For a copy of the required Private Sewer Lateral Inspection Report, visit http://www.cityofventura.net/files/file/public-works/water/BS%20625%20Private%20Sewer%20Lateral%20Inspection%20Report.pdf.

This post is brought to you on behalf of Karen Musser. Karen is based out of our Montecito Office and services both Santa Barbara and Ventura counties.

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