1.99% 30 Year Fixed
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It’s no secret that interest rates have dropped to historic lows. Given the Covid-19 pandemic and it’s the effect on the world, economies embrace a new normal. Forbearances are down currently, however, extensions on existing forbearances have risen. A sign of what’s to come? Read more here. As the United States braces for a presidential election, the market impatiently waits.
If you are in a position to refinance or purchase a property, interest rates have not EVER been better to do so. We are currently in a seller’s market as inventory in California is low, especially in markets like San Diego.
If you are in a position to refinance or purchase a property, interest rates have not EVER been better to do so. We are currently in a seller’s market as inventory in California is low, especially in markets like San Diego. The average median price of a Single Family Residence in San Diego is $635,000.
Current San Diego Market Statistics for August 1-August 7th:
Median Price for a Single Family Residence: $635,000
On the market: 4572
New Listings: 929
Pending Sales: 1019
Data: SDAR August 2020
Some considerations on a refinance or purchase in the current mortgage market:
Employment and Income-Lenders are verifying employment 2-3 times during the course of the loan process. If your income has been affected by Covid-19, let your loan officer know as soon as possible.
Solar and 2nd mortgage liens-Let your loan officer know well in advance if you have solar or a 2nd mortgage loan. They need time to submit paperwork on these items to be subordinated. Lenders are on overdrive right now and paperwork processing these items is taking up to 2 weeks. Preparation is key here.
Rate locks-Being mindful of when and how long you lock your interest rate for is incredibly important. A checklist or timeline is helpful so you can track your loan progress.
Communication-This is key to your transaction. Work with a professional that communicates effectively and regularly to keep you in the loop.