Mortgage Rates for Home Buyers in Stockton and Lodi Have Dropped to 4.57%
Mortgage rates have dropped to their lowest rate 4.74 percent for a 30 year fixed rate mortgage down from 4.58 percent. When I first went into Real Estate in 1986 I have watched the interested rate climb to 16 and 18 percent. My parents had an interest rate of 6 percent on a VA loan in 1972. Stockton and Lodi home buyers should take heart in this development. Lower interest rates put those who did not qualify for a loan into a whole new category and those that need a bigger home in a better position to qualify for a mortgage.
The lower interest rates for mortgages is extremely good news for home buyers in San Joaquin County. This is the time to act. Median prices have gone up but sales have decreased by 9 percent: a good thing for home sellers but also an advantage for home buyers. The competition has been fierce for home buyers because of the low inventory of homes on the MLS. Now that the competition has dropped buyers will not have to compete to the same extent and face as many multiple offer situations.
The median price of homes for sale in Stockton, Lodi and San Joaquin County has risen from $145,000 to $174,000. Freddie Mac has indicated that the new 4.57 percent interest rate is the lowest since 1971. The last times rates were this low was in the 1950”s.
The upside to this development is that home buyers can buy more home at a lower interest rate with a lower payment. The first step in actively looking for a new home is to become pre-qualified for a loan and learn the best mortgage programs available for you unique situation. FHA loans offer some of the most affordable rates and lowest down payments available. The Lilly Team at PMZ Real estate has helped many first time home buyers and move up buyers looking for their dream home. Call me today at 209-479-9222 and ask about how to pre-qualify for a loan or e-mail me at thelillyteam@comcast.net visit my web-site at www.hughlilly.com .