Mortgage rates have moved significantly lower over the past six weeks with current 30 year jumbo rates uner 4 percent and the 10/1 adjustable at 3.62 percent. Corey Wilson, Bank of American lending officer, reports these are the most competitive rates in the market. Purchase loans are locked in for 45 days and refinances for 60 days. Further, purchase loans often are closing in 25 days or less now, he says.
As we head into the spring buying season, now is the time to get your plans in place for buying or selling. California home sales continued downward over the past seven months in November, according to the California Association of Realtors’ latest report with the statewide median home price declining 3 percent. The spring market will likely determine if this is a temporary or longer term trend.