California Mortgage Rates:
Heading into April 2019 mortgage rates were moving down. It only took a few weeks but mortgage rates had reached near a two year low during the last days of March.
The Fed, China and a slowing economy all played a role in pushing bond yields lower and mortgage rates followed.
Then came April and things changed. Bond yields starting moving higher and as well as California mortgage rates and mortgage rates across the nation.
So what happened?
No one thing is to blame however a few things do stand out including a possible resolution to the trade war with China, and investors believing things are not as bad as they seem (economically).
Current Mortgage Rates Remain Attractive:
Even though mortgage rates have moved higher the last few weeks they still remain significantly lower than they were six months ago.
Back in October 2018 some mortgage companies were offering a 30 year fixed rate above 5.00% (best case scenario).
Currently most lenders are below 4.25% for their best case scenario 30 year fixed rate loans and some lenders are below 4.125% for their 30 year fixed rate loans.
For homebuyers looking to purchase a homeit’s still a no-brainer to move forward on a home that matches your needs.
If you are looking to refinance a current mortgage it still remains a great time to consider a refinance of your current mortgage (more on that below).
With mortgage rates moving .125% to .25% higher in recent weeks some homebuyers and homeowners are asking the question; was that it? Have we seen the 2019 market low.
Maybe or maybe not; too difficult to tell at this point. Trying to time the mortgage rate market for the lowest possible interest rate is really hard. The best thing to do is to establish what makes sense (in terms of what interest rate you should like in at) and set up some guidelines provided you’re working with an experienced and knowledgeable loan officer.n experienced and knowledgeable loan officer.
Later this month we could see mortgage rates top out and start to trend back down (maybe). It would not surprise me to see the pattern formed with mortgage rates from late January to late March.
During that time mortgage rates were in a range before their big move down late March.
Is Now A Good Time To Refinance:
California refinance rates are attractive right now. They are lower than they were in February, January, December (2018), November...shall I go on?
If your current mortgage rate is a 30 year fixed rate above 4.375% it might be worth looking into refinancing your mortgage.
Especially if you are thinking of moving from a 30 year fixed to a 15 year fixed mortgage term. Another reason to refinance is if you currently have Private Mortgage Insurance (PMI) or Mortgage Insurance (MI) with a FHA home loan.
