Rate costs are now low enough that, with certain characteristics, it is possible to get most closing costs covered (nearly free) at rates as low as 3.625 (3.676 percent APR) and 3.750 percent (3.737 percent APR) for the 30-year fixed, and 3.000 percent (3.2986 percent APR) for the 15-year fixed. For more on the savings possibility of a lower rate, see our posts about reducing monthly payments and long-term interest savings. Read more
If you missed the April 28 episode of Mortgage Matters Radio, we will have a playable archive up on Wednesday, May 2. For now, we are experimenting with a new feature – Mortgage Matters Notebook. During the week, hosts Dan and Jason track the top economic and finance stories to discuss on the air. These are the stories our hosts are tracking: Read more
Cal Poly economics professor Eric Fisher will be joining us this week on Mortgage Matters radio. Professor Fisher last joined us on October 8, 2011, and we are excited to have him back on to give us an update on the economy. Make sure you tune in Saturday, April 28 from 10 a.m. to 12 noon. You can listen online HERE. Don’t forgot to write in your questions for us to answer live on the air HERE.
SAN LUIS OBISPO – Cal Poly graduate Ryan Baker has returned to the mortgage business with Central Coast Lending.
Baker worked as the Parks & Recreation Adult Sports Coordinator – organizing the popular softball league, and he currently serves as president of San Luis Obispo’s Young Professional Networking Group. He will earn his Master’s Degree in 2012 at Cal Poly for Recreation, Parks and Tourism Administration. Baker will return to home loans, where he got his start in 2006.
Central Coast Lending is a mortgage brokerage founded in 2008 by Jason Grote and Daniel Podesto. It has office locations in San Luis Obispo, Morro Bay, Paso Robles and Arroyo Grande.
Many folks who track the economy and root wildly for its recovery know that the first thing to look at is housing and jobs. I had really hoped that the mild winter we experienced across the US would translate into great gains in the labor market. Indeed, we saw increase in payrolls growth and lowered claims for jobless benefits in recent months, but now we are flattening out. Perhaps spring came early in the labor market? We already shed the jobs we didn’t need and added the ones we did? Read more
The overall upward trend continues for pending home sales, with a 4.1 percent jump in March. Here is something interesting though – while contract signings have increased 17 percent since September, closings have only kept pace at a 5 percent increase. Still, as Bloomberg News reported, the March gains are “unusually strong” for the season, and come amidst the issues of tight credit and appraisal difficulties. This is a positive report.
Little known fact: human’s first words were “Did you hear…?” And the first response “Yes, but did you know…?”
I say this because the human tendency to build community by passing along news and gossip is well established. Gossip turns into rumor, and rumor doesn’t always have a strong basis in reality (kind of like that “fact” I mentioned).
The origin of the Bay Theater may vary depending on who you ask. Owner Mary Lou Jannopoulos cited the rumor that it was built in 1942 by the Army Core of Engineers to give the troops stationed near Morro Bay entertainment.
I wanted to learn more, so I looked through the wonderful website that compiles local Morro Bay stories called “Old Morro Bay.” A search of “Bay Theater” from the archives yields an entry by Vic Hansen and these lines, from a story about the local climate after Pearl Harbor (December 7, 1941):
“The greatest neon event to happen in Morro Bay was the marquee at the Bay Theater… The theater was built by a strange little man that had lenses in his glasses not unlike the ends of coke bottles.”
Realtor Wes Burk joins us for our monthly update on Real Estate. If you missed it, check out this week’s Mortgage Matters Notebook, which shows the stories we tracked last week that went into the making of the show. Remember to email your questions HERE, and we will answer them on the air!
Citing economic growth as “moderate” the Fed will continue hold interest rates near zero. Unless pace improves substantially, the Fed will keep these rates low through 2014. The Fed also noted that the housing market has remained at a “depressed” level. No indication was made if further easing measures would take place, but given the “moderate” growth, it seems likely that for now, the economy hasn’t slumped enough for more action. For more: see this CNBC article.
House paint functions first as a protective application and second for aesthetic value. For example, I recently looked at a potential exterior project involving some failing wood on my client’s porch. The area was a 2 x 10 board that went along the top of a stucco wall that closed in her front porch like a shelf. The wood was completely dry rot all the way through.