Rob Saxe's Blog

Third Straight Week

So this is what all the phone calls are about!  My phone has been ringing a lot over the past few days as buyers are wanting to see and purchase homes.  Just in the last 2 days, I’ve had to get at least 10 calls from buyers ready to purchase in the Sacramento real estate market.  Rates going down helps, I’m sure.

According to FreddieMac.com, mortgage interest rates have declined 3 straight weeks to an average rate for a 30 year fixed rate mortgage of 5.14%.  While that’s not as low as they have been in recent weeks, it’s better than increasing to unaffordable levels and decreasing buying and refinancing activity.

Frank Nothaft, Freddie Mac VP and Chief Economist said:

1) Average fixed rate mortgage rates were lower, down up to .5% from June

2) Recent economic reports were influenced by energy cost movement.

3) Higher gas prices, rising retail sales in June boosted rates.

What’s this all mean? LOWER RATES! That’s a good thing.  The savings alone from 5 weeks of rate declines is $56 on a $200,000 mortgage.  Sounds like one extra dinner and a movie a month. (if you like fast food I guess!)

Looking for a  home to buy in the Sacramento region?  Whether it’s Sacramento or Placer county, give me a call and we’ll help you get there.

Thanks for visiting!

Mortgage Rates Ease Downward

According to the FreddieMac.com weekly mortgage survey, interest rates fell this week due to inflation numbers, which had been a concern, being lower than expected.

Interest rates on a 30 year fixed rate mortgage averaged 5.38% down from 5.59% last week.

From the FreddieMac.com website:

“Reports of benign inflation figures reversed the upward trend of mortgage rates this week,” said Frank Nothaft, Freddie Mac vice president and chief economist.

He also said:

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