More good news for Southern California homeowners came in the way of mortgage rates moving just slightly lower on Friday. Last week's overall improvement in mortgage rates offers another degree of support for the idea that that rates have broken out of the sideways range trending through the month of June. The most prevalently quoted conforming 30yr fixed rate for best-case scenarios remains at 4.125% for a second day, with most borrowers seeing today's improvement in the form of lower closing costs and ability to remove PMI due to equity gains. Friday's rate/cost combination is the best it's been in June.In short, if you've been holding off on refinancing your home there has been a good amount of improvement--enough to consider locking it in before next week's important jobs report on Thursday. If you are wondering if it's time for you to re-finance check out the section on my website "When to Re-finance" or call me- 619-542-7744!
If you read about mortgages then you have probably heard about Fannie Mae and Freddie Mac. But not as many people know about Ellie Mae. Ellie Mae is the leading provider of statistical data for the residential mortgage industry publishing the Origination Insight Report. In short, she tells you the demographics or loans and whether loans are getting closed. So what did she tell us this time?