Silicon Valley Real Estate Mortgage Rates Stable

Rates have been stable as the stock market rally has paused (due to several lower than expected economic indicators over the past few days most notably an increase in unemployment claims late last week and lower than expected consumer confidence this week).

Here are current mortgage rates according to Private Mortgage Advisors (an APR partner and affiliate of Wells Fargo Bank):

Conforming ($417K and under) 30 year Fixed:  5.25%
Jumbo Conforming ($417K to $729,750) 30 year Fixed:  5.3785%
Non-Conforming (greater than $729,750) 30 year Fixed:  6.25%  

Remember HERA/HOEPA regs are in place and requiring more time to get real estate deals closed.

If you are a potential home buyer, remember we are entering the later part of the year and some of the 2009 temporary stimulus programs will be ending.  The $8K tax credit ends at the end of November.  The high balance conforming loan limit of $729,750 will be ending in December.  This latter event will effect property values particularly in Saratoga, Monte Sereno and Los Gatos above $1 million; the will impact sellers as well as Buyer.

Rick Bonetti | Alain Pinel Realtors | 408-857-8800 | DRE#01237009

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