Interest Rates Still Hovering Around All Time Lows
Interest rates for home purchase as well as re-financing continue to hover around historic lows. Below is a average interest rate table based on a survey of several national leading lenders for the end or March 2012.
To take advantage of these great rates here in Santa Barbara, I am hearing from both lenders and clients that these rates are based on good credit scores, 20-25% down payment and loan amounts up to the conforming $625,000. Up to the older conforming amount of $417,000, rates are tending to be .25 point less.
As far as being able to access these rates if you are doing a refinance, the caveat is that you have to have an appraisal done and show that you already have / still have at least 30% equity in your home. If you only have 20% equity in your home for example, the refinance rates tend to be higher besides the difficulty of simply being able to refinance now if you have less than 30% equity.
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Thank you for reading. I hope you find Santa Barbara Real Estate Voice informative. Please feel free to contact me or comment below with any thoughts.
For more information on Real Estate here in Santa Barbara, Montecito and/or our surrounding areas, as well as any other aspects of life in the Santa Barbara area, please don’t hesitate to contact Kevin Schmidtchen at Sotheby’s Int’l Realty.