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July 23, 2012

San Luis Obispo County Mortgage Rate Update- July 23, 2012

by Rylan Stewart
Morro Bay (Harbor 1)

More indicators of slow economic growth last week- retail sales saw a surprising drop in June (0.5 percent), and the consumer price index remained unchanged, with declines seen in energy. Some good news in the housing market, however. Though existing home sales dropped to the years low, housing prices saw increases and housing starts rebounded 6.9 percent in June.

Rates have continued to stay at record lows this week, with some dropping even lower.

30 year fixed –

Last week:

3.250 percent (3.299 percent APR)

Today:

3.250 percent (3.281 APR)

  – 0.018 APR


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15 year fixed –

Last week:

2.750 percent (2.751 percent APR)

Today:

2.750 percent (2.734 percent APR)

  – 0.017 APR

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30 year High Balance

Last week:

3.375 percent (3.347 percent APR)

Today:

3.375  percent (3.347 percent APR)

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30 Year FHA

Today:

3.250 percent (3.210 percent APR)

  – 0.000 APR

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30 Year VA

Today:

3.250 percent (3.219 percent APR)

  – 0.020 APR

APR is subject to increase and terms subject to change. APRs may very depending on loan details such as points, loan amount and loan-to-value, your credit, property type and occupancy. Closed rate and APR assume a rate and term refinance of a single family detached owner-occupied primary residence, loan amount $417,000 ($561,200 for high balance), and a minimum FICO score of 760. Situations vary based on applicant.

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Central Coast Lending is a California mortgage brokerage based in San Luis Obispo County. With offices in San Luis Obispo, Morro Bay, Paso Robles, and Arroyo Grande, Central Coast Lending is the top source for Central Coast mortgage, real estate, and home loan needs. To see why using a broker offers lower rates and superior service, click HERE. For a free, easy online pre-qualification click HERE or call 805.543.LOAN to talk to one of our expert loan officers. Central Coast Lending: The Mortgage Experts.

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