Mortgage Rates: Week ending May 24, 2018

 

Fast Facts

 

Mortgage rates continue to climb.  We're now up to 4.66% with .4 pt on a 30 year mortgage. It seems the only way to make things more affordable is to build more homes for Californians. #bayarea

If you're on the fence about getting prequalified to purchase a home, you might want to hurry before rates push you out of the running.  Read my blog about how rising mortgage interest rates could affect your ability to purchase a home.  Click here: Interest Rate Impact on Purchasing a Home

 

Primary Mortgage Market Survey®

U.S. weekly averages as of 05/24/2018
30-Yr FRM
4.66%
0.05 1-Wk
0.71 1-Yr
0.4 Fees/Points
15-Yr FRM
4.15%
0.07 1-Wk
0.96 1-Yr
0.4 Fees/Points
5/1-Yr ARM
3.87%
0.05 1-Wk
0.80 1-Yr
0.3 Fees/Points

Calif. Median Home Price: April 2018:

  • California: $584,460

  • Calif. highest median home price by region/county: San Francisco, $1,650,000

  • Calif. lowest median home price by region/county: Lassen, $155,500

California Association of Realtors - Talking Points

  • Mortgage application volume fell 2.7 percent last week, according to the Mortgage Bankers Association's seasonally adjusted report. 
  • Volume was 4.5 percent lower than a year ago.
  • The weakness was most pronounced in applications to refinance a home loan. That volume fell 4 percent to its lowest level since August 2008. Refinance volume is off nearly 17 percent from a year ago, when interest rates were lower.