Conforming 30-year fixed rates are seeing the most action these days, bouncing from a low of 4.625% last week right back up to 4.875%, with some 4.75% (and even a 4.5%) moments squeezed in during the week. There is good news on the California front, though, usually pointing the direction of real estate sales throughout the country: Booming sales have reduced the existing home inventory to just a little more than 6 months. A year ago inventories were at about 15 months.
Interest rates are extremely attractive right now, but underwriting guidelines are a little tougher now, especially for condos and buyers with small down payments. So, the easiest way to avoid surprises, is to make sure your borrower has made loan application and is “Ready to Go”, subject to identifying the property. If you need a quick close, we can probably do it: We just closed a purchase – start to finish, including the appraisal – in 9 days, and a condo, too. We want to be here for YOU and YOUR BUYERS !!
Ginger Sullivan – Anasazi Mortgage