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It's time again for another Mortgage Minute Update for the Roseville area market.
Due to struggling international markets, the threat of rising interest rates has been put on hold. They remain stable, and will likely remain stable, until markets around the globe begin to recover. It looks like there is now only a 40% chance that rates will begin to slowly rise.
Right now, 30-year fixed-rate mortgages are in the low 4% range, 15-year fixed rates are in the high 3% range, and VA and FHA loans are about .5% lower than conventional rates. We'll probably see a bit of a rise by the end of the year, but nothing significant enough to worry about.
In the past, conventional loan interest rates have been very sensitive to a person's credit score. So, if you have a low score you get a higher rate, if you have a high score you get a lower rate. With FHA and VA, it used to be that everyone over a certain score got the same interest rate, but that's now changing. Soon, FHA and VA rates will be far more sensitive to your credit score, much like conventional loans are.
If you have any questions about the mortgage world, you can reach our preferred lender, Marc Brinitzer, at (916) 761-3760 or MCBrinitzer@APMortgage.com.
Of course, if you have real estate questions, don't hesitate to reach out to us. We're always available to help!
