Mortgage Interest Rates Favorable to Saratoga Home Buyers
Here is a recap of current mortgage market trends from John Shapiro of Private Mortgage Advisors (PMA):
- There is currently a “rate rally” going on, which means that rates are very low (5.75% jumbo non-conforming; 5.25% $471-$729.95 K; and 5.0% >$417 K) and it is a great time to refinance and/or buy a home in Saratoga.
- Jumbo rates have come down as well and guidelines will be loosening especially with regard to down payment requirements.
- The last piece of really good news is Santa Clara County is being reclassified by Wells Fargo’s home equity group to where a 25% down will now be accepted. That is important because that allows a 25% down using a $729 K first and a $417 K 2nd up to a $1.5 M+ purchase price. This is very important for Saratoga home buyers and sellers!
- All these things are being driven by continuing stability in the housing market per the economic indicators and low rates due to uncertainty about the economic recovery.
- John believes “we will be seeing some clarity on the timing of the economic recovery by the end of the year and that rates will increase in that time-frame”, but “for the time being there is a golden opportunity out there.“
Private Mortgage Advisors offers the following:
Single Source® lending capabilities – connections to lending specialists who can deliver a full complement of sales and service solutions in most home-buying situations.
PriorityBuyer® preapprovals from Wells Fargo that let buyers know how much house they can purchase.
The Wells Fargo Closing Guarantee helps keep buyers home purchase on schedule (available on all qualified purchase transactions. Other terms and conditions apply. See a home mortgage consultant for details).
John can be reached at 408-913-7933. Private Mortgage Advisors is affiliated with Wells Fargo Home Mortgage and Alain Pinel Realtors.
