California Mortgage Rates

Through the highs and lows of the market, we have been able to extend the best California rates for 15 and 30-year mortgage terms with little or no cost to our customers. CMLC specializes in low interest mortgage rates for conforming and jumbo home mortgage loans. We offer the best mortgage rates in California for jumbo, conforming, FHA and VA house buying and refinancing. Whether you need a lower payment or a refinancing opportunity with cash back, we have financing solutions for all types of borrowers.

California Mortgage Rates

Rates on California Mortgages Have Never Been Better!
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An increase in home mortgage interest rates is adding to the new pressure on homeowners with high cost sub-prime loans may also bring an unexpected boost to the mortgage market as homebuyers sprint to their lender to avoid future interest rate hikes. Last week, lending giant Freddie Mac reported that mortgage refinance rates made their biggest upward surge in more than three years. The survey reported last week showed the average for 30-year fixed-rate loans had decreased to 3.5%, compared with 3.55% the previous week. It was the biggest one-week rise in the loan category this year. Take advantage of great rates from a California mortgage lender that has been originating loans for over twenty years now.

Influenced by the global economy, the California rate increase comes as the U.S. housing industry struggles with slumping sales, failing subprime loans and a surge in foreclosures. Some real estate agents say it is a buyer's market, with housing inventories high and interest rates still near historical lows. A quarter-point interest increase is not expected to scare consumers away, they hold. That was true at an open house in San Diego last weekend, where shoppers were calm and unhurried. MyLoanQuote announced that our lenders were some of the quickest to provide pre-approval mortgage letters.

"If interest rates go up, it means mortgage payments are higher and it decreases affordability across the board," he said. "We may have a special kind of problem . . . because so many people took out no equity loans, with low or no down payments between 2005 and 2007. They are going to be resetting at higher rates." Doug Duncan, chief economist for the Mortgage Bankers Association, expects rates to peak near 4.5% by the end of the year. If rates rise further, hardest hit may be those who are in mortgage loans for bad credit and who want to refinance to less volatile finance vehicles. Already, a slumping home market has boosted the number of foreclosures in California.

He acknowledged that higher California mortgage rates would "add another level of challenge. Fewer people can actually qualify and afford to buy a home and that is where it hurts." University of San Diego economist Alan Gin said he has given up hope that the Federal Reserve will come to the housing industry's rescue by cutting interest rates this year. Laguna Beach-based mortgage broker Steve Dexter agrees. Government concerns about inflation outweigh fears about how a slowing housing market will harm the economy, he said. "The Fed will throw the housing market under the bus in order to stay ahead of the inflationary curve," Dexter said. "If they let inflation get out of control, it is damaging for the economy as a whole." At Primetime Realty in National City, Sue Olivier, president of the Pacific Southwest Association of Realtors, said things could be worse. Interest rates are nowhere near the double-digit rates of the early 1980s when she started in the business. "We are seeing the market starting to improve a little bit, but not a great deal," she said. "Our market right now is where it used to be six years ago."

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