Interest rates for the week closing 7/9/11

OCCOASTPROPERTIES reports on:

"Interest rates for the week closing 7/9/11"

As the week ended, interest rate made some key adjustments. The most glaring change was the reduction of the conforming loan amount from $729,750 to $625,500. This major change in the conforming loan amount had banks making concessions with rates and points. Earlier in the month, Natalie Vizir was quoted as stating that, "the proposed change in the conforming loan amounts may continue to reduce the high-end home values so banks will be forced to off set that by holding interest rates, or reducing them and make loan acquisition costs cheaper for would-be borrowers." Ms. Vizir's point was proven this week as Bank of America rolled out the new conforming loan amounts and while all other rates stayed the same, the new conforming $625,500 - 20% down, 5yr ARM product DROPPED 1/2% and reductions in points DROPPED from 1pt to .50pt. Additional reductions have been applied to the FHA products (includindg a $2000 lender credit) and the Non-conforming $2,000,000 - 20% down, 5yr ARM's which dropped an 1/8th to 1/2%.

OCCOASTPROPERIES, Steve Mino feels, "The markets continue to show reduction at about .5% to 1% monthly. Expect the summer buying season and further help with rates, products and lending costs to flatten the market out with regards to home values."

Both Natalie Vizir and Steve Mino feel as though the best products available to buyers are the 5yr ARM products where rates are as low as 2.75% for 5 years with 1% increases up to the 5% over cap rate in yeats 6-10!

Rates for week ending July 9. 2011
Conforming 625,000,000 with 20% down, 30yr fixed
4.500% -  .75 point
4.625% -   No points

Conforming 625,500,000 with 20% down, 15yr fixed
3.625% -  1 point
3.875% -  No points

Conforming 625,000 with 20% down, 5yr fixed arm
2.750% -  .50 point
2.875% -  No points

FHA to 625,500 with 3.500% down, 30yr fixed
4.500% -  .50 point
4.750% -  No points, plus lender credit of 2000

FHA to 625,500 with 3.5% down, 5yr fixed
3.125% -  .50 point
3.250% -  No points

Non Conforming 2,000,000 with 20% down, 30yr fixed
4.875% -   .75 point
5.000% -   No points

Non Conforming 2,000,000 with 20% down, 5yr fixed arm
3.250% -  1 point
3.500% -   No points
11 Ending rates:






Nobody knows more about Southern California Coastal real estate than the team of Steve Mino and Natalie Vizir.

Areas of coverage include:San Clemente, San Juan Capistrano, Capistrano Beach, Dana Point, Laguna Niguel, Laguna Hills, Ladera Ranch,Mission Viejo, Coto De Caza, Rancho Santa Margaita, Lake Forest, Foothill Ranch, Irvine, Laguna Beach, Newport Coast, Newport Beach, Corona Del Mar, Aliso Viejo and other Orange County and Riverside County cities.

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Steve Mino & Natalie Vizir
Century 21
OCCOASTPROPERTIES.COM
Steve: 949-300-7412
Natalie: 949-300-5074
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