Los Angeles Mortgage Interest Rate Update

Last week, we were fortunate to see an improvement in mortgage interest rates due to the stock market dropping significantly. With the stock market bouncing back, we are starting to see interest rates head slightly higher. If you get into escrow this week, we would advise you to lock your interest rate and take advantage of their current levels. 

Mortgage interest rates for loans up to $625,500 are currently at 4.0% APR. Our Jumbo Loans (exceeding the $625,500 mark) are starting at 3.75% APR for qualified borrowers. 

Have questions regarding what interest rate you would qualify for? Or need a second opinion? Contact Thomas and Micah at (626)636-5061 or (818)808-8835

Los Angeles Mortgage Rate Update

In 2015 interest rates have been back and forth between a wide range. Starting the year in the 4.0% APR range and briefly touching as high as 4.625% APR mid-year. Fortunately for the last 3-4 weeks, we have seen mortgage rates improve week-over-week and settling around 4.0% once again. 

This week we are advising our home buyers to lock their rate and take advantage of this big improvement. 

Mortgage Rate Trend - Friday 4/24/2015

Over the month of April rates have been moving sideways. One week we are at 4.0% and the next week we improve to 3.875%. 

Today rates for loans $625,500 and less are starting at 3.875% APR. Ironically, for jumbo loans (loan amounts exceeding $625,500) rates are starting at 3.625% APR. 

Have a loan scenario or want to find out what influences mortgage rates? Give us a call at (626)636-5061 or email us at thomas.bayles@prospectmtg.com 

Friday 3/27/15

A mediocre Gross Domestic Product reading for 2014 gave improvement to mortgage rates this morning, along with the consolidation in the Stock markets.

Current interest rates are in 3.875% APR range. For loan inquiries or scenarios, please contact us at (626)636-5061. 

Wednesday 3/19/15

The volatility in the stock market and recent Fed meeting that hinted at delayed rate increase, we have seen a improvement in mortgage rates this week.

Today’s rates for all loan amounts, including jumbo loans, is currently at 3.875% APR which is near all-time lows. 

Wednesday 3/11/15

With the stock market pull back this week, we are starting to see slight rate improvements on mortgages.

As of today, rates are in the 3.875%-4.0% APR range.

Have further questions? Please contact us. 

Monday 2/23/15

Bond prices are getting a boost as Stock prices begin the week lower.

I am recommending carefully floating.

This week rates are starting at 4.0% APR 

Friday 2/13/15

Strong economic growth out of Germany is capping Bond prices this morning, while pushing Stock prices higher. But Mortgage Bonds have showed resilience in the past few days despite the rally in Equity prices.

I will continue to recommend carefully floating.

As of today, conventional fixed pricing is starting in the 3.875% apr range. 

Monday 2/2/2015

Mortgage Bonds are lower to begin the new trading month; this despite a weak reading from the ISM Index and a tame inflation report.

I will begin the week with a floating recommendation. 

Conventional Fixed Pricing:  Slightly worse in cost from Friday.

Thursday 1/28/15

Federal Reserve’s monetary policy statement, which could be a market mover.

There is no chance of a rise in the short term Fed Funds Rate, but the statement may reveal when it may begin to move higher.

I am recommending floating headed into this afternoon’s release of its statement.

Beginning of the day Conventional Fixed Pricing:  0.125 better in cost

Tuesday 1/27/15

Weak corporate earnings are sending a chill throughout the Stock markets sending prices sharply lower, while boosting Bonds.

The Bond markets shrugged off a weak Durable Orders report, while New Home Sales and Consumer Confidence came in better than expected.

With Stock prices plunging, I will continue to recommend a floating stance. Rates started the day slightly better than yesterday. 

Monday 1/26/2015

The Bond markets start the week near unchanged as Traders look ahead to the important Fed Monetary Policy Statement..

There were no economic reports due for release today.

I will continue to recommend carefully floating, but remember that sentiment can quickly reverse in this fast moving market.

Thursday 1/22/15

Motgage Bonds have been a wild ride so far this morning, with big swings due to the headlines from the European Central Bank (ECB) announcing big stimulus plans.

The ECB said that it will enact a massive Quantitative Easing or QE style of Bond purchases in an effort to fight off deflation and to promote economic growth.

I am recommending carefully floating, but be mindful that extreme volatility has gripped the markets and sentiment can quickly reverse. 

Wednesday 1/21/2015

Mortgage Bonds are trading near unchanged after some major headlines crossed the wires earlier in the trading session.

The European Central Bank has vowed to enact a massive stimulus program, while the Bank of Canada cut its benchmark interest rate. In addition, December Housing Starts beat expectations.

With Mortgage Bond prices drifting lower and at the high end of their trading range, we advising our clients to lock their loans.

Monday 1/12/2015 Rate Update

Mortgage Bonds begin the week near unchanged levels in the absence of any economic reports or any major geopolitical headlines.

The big news continues to be the declining price of oil, now in the $46 range for a barrel. This had pushed gas prices at the pump down to a national average price of $2.13, a five-year low.

With Stock prices declining, I will continue to recommend floating as rates may continue to improve.