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Here’s the latest on Mortgages from Narbik Karamian, of BeneGroup.

Interest rates moved noticeably down yesterday due to sudden uncertainty in the Middle East. This has caused rates to drop between .25 and .375% from where they were at the end of last week. This sudden drop in rates in 24 -48 hours is a short window of opportunity for folks who are planning to secure a loan for their purchase transaction or who have been waiting until now for rates to come down a bit to refinance.

As you are aware or may have heard interest rates slowly started moving up from late May, 2013. The gradual movement of interest rates has caused rates to reach as high as 4.625% for the 30 year fixed government conforming limit loan (up to $417,000) while it was 3.5% until the end of May, 2013.
The interest rate for a 30 year fixed Government High Balance Conforming loan ($417,001 – $625,500) has also gone from 3.875% (towards the end of May, 2013) to around $4.75% (towards the end of last week). Almost a .875% increase in three months.
The interest rate for a Jumbo 30 year fixed loan (above $625,000) has also moved up from 4.125% (towards the end of May, 2013) to approximately 5.25% (the end of last week).

Please feel free to contact me with any specific question or scenario.

Best Regards,
Narbik Karamian
DRE Lic: 01372576
BeneGroup, Inc.
Cell: (408) 315-2834
Fax: (408) 395-7561