November 17, 2017

Bay Area Mortgage Rates Still at All Time Lows Is it Time to Refinance?

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.

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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 Trends

Bay Area Mortgage Rates Trends

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.

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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.

Bay Area Mortgage Rates

Bay Area Mortgage Rates

 

About Jason Wheeler - Real Estate & Lending

Jason Wheeler has been a top producing consultant in real estate and finance since 2003. Originating, conventional, government, portfolio and hard money loans throughout California for one of the top mortgage companies in the nation. Jason works directly with homeowners and purchases homes throughout the Bay Area with the purpose of adding value to older outdated homes. IF YOU LIKE OUR CONTENT GO VIP HERE

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