Mortgage Interest Rates Reach Another All-Time Low in Alamo CA

Once again, mortgage rates have reached an all-time low here in Alamo CA and across the country. Freddie Mac, who does a weekly survey that tracks mortgage rates nationally, reported that a 30-year-fixed-rate mortgage dropped to 3.34 percent with an average .07 point for the week of November 15th. This is the lowest rate ever to be reported by Freddie Mac since they started tracking rates in 1971. During this same time period last year, we saw interest rates average at the 4 percent mark.
15-year fixed-rate mortgages also saw a decrease for the period ending November 15th. The average rate was 2.65 percent with an average 0.7 point, down from 2.69% the week prior. Last year, we saw a rate of 3.31 percent during this period of time.

Many economists are attributing the decrease in rates to higher consumer confidence and lower wholesale prices. Historically low mortgage rates make it the perfect time to buy a new home.

Take advantage of low interest rates and save even more money on your home mortgage. If you are ready to sell or buy a home, contact me by email or call me, Brad Gothberg, at (925) 648-5326. I have been a real estate professional for 23 years and my qualifications include the production of over $105 million in sales within the past 5 years.

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How To Cut Mortgage Costs On Your Alamo Home

There are several steps you can take to help cut mortgage costs on your Alamo home. Shopping around for the best rate when it comes to refinancing your current Alamo home mortgage is a great way to send money back into your pocket. Here are some easy things you can do to help save some money.

1.  Shop Around

When it comes to mortgage rates, you want to shop around. Obtain mortgage rates from a few brokers. Shopping around brokers can save you money when it comes to mortgage rates and origination fees.

2.  Is it the Right Time to Refinance?

Historically low mortgage rates have made it the perfect time for many homeowners to refinance their homes. Earlier this month, 30-year fixed- rate mortgage loan rates were as low as 3.49 percent. Refinancing can save you money on your monthly mortgage payment, but keep in mind that there are fees you must also pay when doing this. Before choosing to refinance, be sure to add up all the miscellaneous fees that you will incur by refinancing to ensure that the benefit of refinancing outweighs the costs. Alamo homeowners should be looking for the lowest interest rate they can obtain at the lowest cost when it comes to refinancing.

3.  Avoid Fees

To cut costs on your mortgage when shopping around for lenders, look for those that will not charge application fees. Application costs can range anywhere from $75 to $300, according to a mortgage refinancing guide published by the Federal Reserve System which oversees national monetary policy and the banks.

4.  Compare Lenders

Shopping around for interest rates is the best way to go; however, be sure that when shopping around for rates that you do it on the same day, or within at least 24 hours. Rates change day-to-day, and in order to determine which lender is offering the best rate, it is important to shop those rates around or on the same day.

5.  Monthly Payments vs Home Prices

If you are in the market to buy a new home and are undecided between two homes and the price difference between those homes is the only thing you are comparing, there is more to consider. Property taxes and homeowner’s insurance are also costs that you must consider that are typically added into your monthly home payment. When looking for a home, think beyond the purchase price and take into consideration other things that will be added into your monthly payment.

If you are ready to sell or buy a home, contact me by email or call me, Brad Gothberg, at (925) 648-5326. I have been a real estate professional for 23 years and my qualifications include the production of over $105 million in sales within the past 5 years.