San Luis Obispo County Rate Update – July 30, 2012
On Friday, July 27, the Commerce Department announced that the United States’ Gross Domestic Product (GDP) fell to 1.5 percent growth in the second quarter. GDP measures the market value of a country’s goods and services to quantify strength of its economic production. While the 1.5 percent figure still shows growth, it is down from the 2.0 percent pace in the first quarter, and well down from the target 3.0 percent rate that would reduce unemployment significantly.
Despite the bad news, U.S. financial markets took the news in stride. Poor data about the economy, employment, and consumer spending have caused investors to speculate that the Federal Reserve could take more drastic measures to stimulate the economy, such as another round of quantitative easing. Meanwhile, the European Central Bank has admitted it could take more drastic steps to help keep the European economy stable. With the hope that more powerful Central Bank intervention could be imminent, the Dow has remained over 13,000.
This week, interest rates largely remained unchanged. The APR for rates at the lowest end offered (for the 30-year fixed, 3.250 percent) rose slightly, but the others remained steady and near yearly lows.
30 year fixed –
3.250 percent (3.281 percent APR)
3.250 percent (3.311 APR)
+ 0.030 APR
15 year fixed –
2.750 percent (2.734 percent APR)
2.750 percent (2.773 percent APR)
+ 0.039 APR
30 year High BalanceLast week:
3.375 percent (3.347 percent APR)
3.375 percent (3.430 percent APR)
+ 0.083 APR
30 Year FHA
3.250 percent (3.239 percent APR)
+ 0.029 APR
30 Year VA
+ 0.036 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.
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.