Bay Area mortgage rates really are at an all time low according to ABC 7 and this trend is keeping mortgage brokers all over the bay area plenty busy moving homeowners from their old adjustable rate loans into today’s attractive fixed rates. Many mortgage brokers are experiencing a major refinance boom right here in the SF Bay Area in recent months and weeks.
How Low are Bay Area Mortgage Rates?
SAN FRANCISCO (KGO) — If you’re looking to buy or refinance a home, now is a great time to do it, with rates the best they’ve been in decades.
However, they’re not expected to last for long.
Like many homeowners, Kevin Ternan is shopping for a new home loan, an effort to capitalize on low “bay area mortgage rates” while they last.
“I currently have an adjustable rate mortgage and I’ve got a feeling that at some point here in the future, that’s going to adjust upward and I like the fixed rates. They’re very low. So, I figure it’s time to take advantage,” he says.
Bay Area Mortgage Rates Trend Chart
The below chart shows trends during the last 6 months with bay area mortgage rates as you can see they have been hanging near all time lows with a recent spike upward in the last week.
Bay Area Mortgage Rates And Credit Availability
Risk managers for U.S. banks are almost evenly divided over prospects for residential mortgage credit over the next half year, according to the credit scoring company FICO.
Asked about the availability of mortgage credit for buying homes over the next six months, just over half – 51 percent – said it would be adequate to meet demand. The remaining 49 percent said they expect it to fall short, with no option for “undecided” in the survey.
That’s a slightly more pessimistic view than the last FICO survey three months ago, when 55 percent said they expected mortgage credit to meet demand through the rest of the year.
Should I Refinance NOW to a Better Bay Area Mortgage Rate?
The answer to this questions cannot be determined without a close look at the details of your current mortgage rate situation. The fact is that you should contact a professional in the Bay Area right now. Have a conversation and interview that mortgage broker. If you feel that you can work with that individual you should take the necessary steps to submit a file and lower your bay area mortgage rate in the process.