HotelDel DownTown Sunset

Greetings from Jennifer Ross -  Realtor
News and Views  
 
Several banks are gearing up to do a whole lot more mortgage lending in the future. JPMorgan Chase, one of the nation's largest lenders, is in the midst of hiring 1,200 mortgage officers.
Citizens Bank, the 24th largest lender, is also growing its mortgage operations, adding 400 loan officers by 2013. This year alone, they are growing the department by more than 100 people.
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San Diego County housing permits rose 36 percent from April to May and are nearly double the total filed in May 2009, according to data from the Construction Industry Research Board (CIRB).
Mortgage Rates Sink to Lowest on Record
 
Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.
 
The average rate for 30-year fixed loans sank to 4.69 percent, from 4.75 percent last week, mortgage company Freddie Mac said Thursday.
 
That's the lowest point since Freddie Mac began tracking rates in 1971. The previous record of 4.71 percent was set in December. Rates for 15-year and five-year mortgages also hit lows.
 
The Obama administration has launched programs to help borrowers refinance if they owe up to 25 percent more than their home's value and have loans owned or guaranteed by mortgage giants Freddie Mac or Fannie Mae.
 
About 291,000 homeowners have participated as of March.
 
Given the costs of refinancing, some mortgage experts say a refinancing can be worthwhile if you can shave at least 0.75 percentage point from an existing rate. Others suggest waiting until you can lower your rate by at least a point.
 
Despite some lenders' ads, refinancing is never free. A fee normally goes to the mortgage broker or lender. There are also fees for title insurance, a new appraisal, document processing and other charges. Often, mortgage brokers or lenders create the appearance of a "no fee" mortgage by adding the costs to a total loan amount or by charging a higher interest rate.
 
People considering refinancing should factor in such fees. They should also calculate how many months it would take to recover them. For those who expect to stay in their home for two years or less, the fees might outweigh the savings from a lower rate.
 
Rates on 15-year fixed-rate mortgages fell to an average of 4.13 percent. That was the lowest on records dating to September 1991. It was down from 4.2 percent a week earlier.
 
The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.
The nationwide fee for loans in Freddie Mac's survey averaged 0.7 a point for 30-year loans. The average fee for 15-year loans was 0.6 of a point.
Famous Quotes
 
Enthusiasm is one of the most powerful engines of success. When you do a thing, do it with all your mind. Put your whole soul to it. Stamp it with your own personality. Be active, be energetic, be enthusiastic and faithful, and you will accomplish your object. Nothing great was ever achieved without enthusiasm.
Ralph Waldo Emerson
Wonderful Video 
Sometimes, a hug is all that we need. Free Hugs is the real life story of Juan Mann, a man whose sole mission was to reach out and hug a stranger put a smile on their face.
In this age of social disconnection, most all of us lack that simple human touch from another.  The effects of the Free Hugs Campaign are now felt around the globe.
As always, feel free to give me a call 800-913-7677 with your real estate needs.  I appreciate your referrals.
 
Signature

Acedemic Earth 

Jennifer Ross

 
Experience Counts!
Over 21 years in
Real Estate sales
Serving all of San Diego
 
Office: 800.913.7677
Direct: 619.985.7340
JennRossRealtor@gmail.com
 
 

Current Mortage Rates

 (BankRate.com weekly avg)
 30 yr fixed: 4.81%
15 yr fixed: 4.26%
 

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