Tag Archives: 15-year fixed-rate mortgages

Foreclosures drop in San Diego county

Foreclosures are low because of home price appreciation.

understanding foreclosuresAccording to U-T San Diego, “Large gains in annual home price appreciation have continued to help keep the number of foreclosures in San Diego County at pre-Great Recession levels.”

Per DataQuick, within the month of February 2014, 141 properties were repossessed by banks in San Diego county — which is down from the 252 foreclosures a year ago. It’s also the lowest amount of February foreclosures since 2006 (when only 40 properties were repossessed by banks). Continue reading

Avoiding Common Mortgage Mistakes

There is no doubt that the mortgage process can be an intimidating and confusing process for the uninitiated. Let’s look at the situation: you are putting yourself into debt for the next 15-30 years, signing stacks of paperwork, and learning about new fees every day. In such a stressful environment it easy to make mistakes and the worst part is that you might never even know that you made a mistake.

In order to make sure that you do not pay for that one mistake over the next 30 years it is important to do your homework and gain an understanding of the mortgage process. Below you will find a list of some of the more common mistakes that mortgage brokers and lenders see every day.

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Rates Continue to Fall Hitting New Lows Amid Economic Concerns

Just when it seemed like rates could not fall any further, Freddie Mac reported fixed mortgage rates sunk even further for the week ending May 10.

The 30-year fixed-rate mortgage averaged 3.83 percent (0.7 point), down slightly from last week’s average of 3.84 percent. A year ago at this time, the 30-year was 4.63 percent.

The 15-year fixed also moved downward, ending at 3.05 percent (0.7 point) this week. Last week it averaged 3.07 percent, and last year at this time it was 3.82 percent.

The 5-year ARM dropped to 2.81 percent (0.5 point) compared to 2.85 percent last week and 3.41 percent a year ago at this time.

The 1-year ARM moved up to 2.73 percent (0.5 point). Last week the 1-year ARM averaged 2.70 percent and 3.11 percent a year ago…

Read the rest of DSNews.com’s article here: “Rates Continue to Fall Hitting New Lows Amid Economic Concerns”.