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 Robert & Barbara Schmalz 310.505.5571 bob_schmalz@wlaregroup.com |
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Not much to say here but this is one fastest up turns in interest rates I have seen. It has gone up a full basis point, 1.0%, in three weeks. I have spoken to many and I am getting the same answer no one knows what it will go to but it wont get back to 4% anytime soon.
SAN FRANCISCO (MarketWatch) — Freddie Mac (OTC:FMCC) said Thursday the 30-year fixed-rate mortgage average jumped to 4.61% with an average 0.7 point for the week ending Dec. 9. In the previous period, the average was 4.46%, and the year-ago average was 4.81%.
I have been saying to all buyers that to get the price of a home down another 5% or wait for the market to keep getting lower is a dangerous plan when you are this deep into a buyer’s market. Namely it cannot go down forever! I feel that we are at the bottom and that we have already seen a rise in many markets. There are less and less quality homes in good neighborhoods on the market. Sellers are letting there listings expire and not re-listing.
I was lucky with a few of my clients that did get 3.95% to 4.00% mortgages. Now do not get me wrong 4.61% is a fantastic rate for a 30 year fixed. We are still close to the lowest mortgages in 50 years. But!!!!!!!!!!!!!!!!!!!! I truly believe we will see 5% before we see 4%. A year from today I predict 5.5% to 5.75%. Mortgage rates will hike your house payments faster then paying for that house 10k, 20k or even 50K more.
Private staircase leading up to very light and bright top floor 3 bedroom unit with large windows revealing great treetop views. Nice open floor-plan has some updating but needs some cosmetic work. Balcony perfectly located off of the kitchen for BBQ’s. Gas Fireplace. Extra Storage.Small complex with very low dues! Excellent location is just a few minutes to Santa Monica Promenade shops and restaurants and just a few more minutes to the Santa Monica Pier and Beach.
ACTIVE 8.28.10 10-942844
INEREST SO LOW – PRICE SO LOW – 6 BEDROOM HOUSE FOR THE PRICE OF A CONDO!!
BLOCKS FROM KENTER CANYON SCHOOL
6 BEDROOMS, 4 ½ BATHS, 3569 SQ FT LIVING SPACE ON 16,800 SQ FT
ASKING PRICE $1,299,999 — I WOULD BID $1,150,000 – WHAT WOULD YOU OFFER?
Family Home w/ Large Guest House or Artist Studio and Au Pair Quarters. With a Total of Six Bedrooms and Four and Half baths. A living room that Boasts a Beautiful Marble Fireplace, Vaulted Ceilings and so much Space for Entertaining your Special guests with a Wet Bar and Hardwood floors, Tile and Carpeting as well. French Doors that Lead to A Beautiful Large Private Yard with lush Landscaping and plenty of Room for a Pool and more.
Please call me at 310.505.5571 or email to bob_schmalz@wlaregroup.com to get the complete listing or if you would like to set up an appointment to see it
Acive 9.7.10 10-724134
I really believe this is a once in a lifetime opportunity.
Yes I am a salesman however it is true, now maybe it will go down some more but when it is finished going down and starts to go up it will not come back down to this low for a long time, if ever. We are speaking about 4.4% for a fixed and 5 year adjustable are approaching 3% with various lenders.
To read this mornings complete Market Watch article follow this link; 4.4% Interest Rates
Does it really matter if it goes down another 1/4 point especially if you are gambling and it could just as well go up. If you are renting you need to really think about this. Call me at 310.505.5571 or email at bob_schmalz@wlaregroup.com to find out if this is right for you.
If you are paying $1500 or more in rent you really need to look into this
I know that we are all scared of any mortgage that is adjustable. We have come to believe the term adjustable mortgage and banking/housing meltdown must be said in the same sentence. This, of course is not true, but for the sake of this post I will not talk about causes of our economies collapse. The fact is that for Conforming Loans ($625,000 and below in the LA area) are in the high 3′s , last I looked it was 3 5/8 %. You first time home buyers, must take a look at this rate because most of you will move before the 5 years are up. See the article by clicking this link Five Year Adjustable Mortgage and look twice and do not think that an adjustable rate is a bad thing. If used correctly it will save you a lot of money!
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