A Quick Note

The Wall Street Journal published a piece saying that a growing number of homeowners are choosing to pay their mortgages at a faster rate. In recent months 26% of homeowners who refinanced chose a 15-year fixed-rate mortgage.

In the article, Bob Walters, chief economist with Quicken Loans, explains those who choose 15-year fixed-rate mortgages tend to be older and have more equity and less debt than others. They also earn higher incomes and don't have some of the added expenses that younger homeowners typically do.

Mr. Walters said, "Homeowners are doing the math and realizing that rates have fallen enough so that the increase in payment between a new 15-year mortgage and their current loan is no longer unbearable to the their budgets."

Market Update for San Francisco*
08/16/2010 - 08/23/2010

Mortgage Update

The economic calendar is quite busy this week. The most influential report will be released on Friday; the Employment Situation Report. That report, along with others this week, will no doubt have an impact on mortgage rates.

This Mortgage Update was provided by Miles Grant, with Guarantee Mortgage. You can contact him at Miles@MGrantFunding.com for more information.

Mortgage Rates

Mortgage Rates as of  Tuesday, August 31, 2010
Conforming Loan Rates
30 Year Fixed	4.468%	« calculate mortgage at this rate
15 Year Fixed	3.956%	« calculate mortgage at this rate
10/1 Year ARM	4.283%	« calculate mortgage at this rate
Jumbo Loan Rates
30 Year Fixed	5.243%	« calculate mortgage at this rate
15 Year Fixed	4.751%	« calculate mortgage at this rate
10/1 Year ARM	4.972%	« calculate mortgage at this rate
Rates change daily and vary by product. They are provided here to give you a general sense of current average California rates. Your rate will vary and depends on credit and other factors. Rates are not published on weekends. Source: Topix.com