Maureen Megowan's Blog

head_left_image

Interest rates decline slightly

Interest rates for buying a home on the Palos Verdes Peninsula declined slightly this week.The following are excerpts from the newsletter on interest rates published by HSH Associates :

 

"The Fed has certainly made it as clear as they can that the economy is performing close to a level which makes it right for a move in the short-term interest rates they control. Markets have mostly steeled themselves and prepared for the change; however, and although the certainty is pretty high, it's not a 100 percent done deal that a move will occur at the next meeting in December. There yet remains a fair bit of data which might be sufficient to push us over that edge, or not, or some unforeseen market episode (such as occurred at the end of the summer) to give the Fed pause, much as it did in September.

So we and markets wait and watch data along with the Fed looking for clues and answers. Is the economy heating up, or merely grinding along? Are we near "full employment" or not? Are price or wage pressures forming somewhere, threatening to break into more broad-based inflation, and if so, how soon? Are consumers spending their money freely, or not so much? Is housing continuing to exhibit strength despite firming interest rates of late... and the promise of more to come? These questions, and easily dozens of others, all need at least educated guesses if not outright answers in the next few weeks. Suffice it to say that almost all decisions by the Fed require are based a bit on faith, since they must be made based on expectations of the future.

One thing is pretty clear, though: Now in a prepared-for-the-Fed stance, mortgage rates aren't going anywhere very fast until something pushes them one way or another.

 

 

 

It's a holiday week next week, with three-day workweeks for many. Despite that, a fair bit of new data is due out to be digested along with Thanksgiving dinner, including an update to GDP, new and existing home sales, personal income and spending, and more. The retailer's "Black Friday" is also upon us, and early returns will provide an indication if consumers will be spending more freely for the holiday season. Mortgage rates may find a little space to wander before the holiday, but we might see a basis point or two decline from this week's levels."

 

The following are interest rates quotes from American California Financial:

30 Yr Fixed FHA
Rate APR  
3.375 4.506 Details
 

 

Conforming 30 Yr Fixed up to $417000
Rate APR  
3.875 3.994 Details
 

 

Conforming Jumbo 30 Yr Fixed $417001 - $625500
Rate APR  
4.125 4.235 Details
 

 

Jumbo 30 Yr. to $1.5 Mil
Rate APR  
4.125 4.219 Details
 

 

Jumbo 7/1 ARM $1.5 Mil (higher loan amt available)
Rate APR  
3.500 3.419 Details
 

 

 

For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.

Comment balloon 0 commentsMaureen Megowan • November 22 2015 03:07PM
Interest rates decline slightly
share
Interest rates for buying a home on the Palos Verdes Peninsula declined slightly this week. The following are excerpts from the newsletter on interest rates published by HSH Associates : " The Fed has certainly made it as clear as they can… more
Rolling Hills October 2015 Real Estate Market Report
share
The City of Rolling Hills had the following real estate market activity for single family residences during October 2015: Properties Sold: 3 Properties for Sale as of 10/31/15: 20 Sales have been averaging 2 homes sold per… more
Rolling Hills Estates October 2015 Real Estate Market Report
share
The number of properties on the market in Rolling Hills Estates ( including the unincorporated area of Palos Verdes Peninsula ) is 17 homes at the end of October, a 19% decrease from the prior year. The number of properties sold monthly over the… more
City of Palos Verdes Estates October 2015 Real Estate Market Report
share
There are 57 homes listed for sale in the City of Palos Verdes Estates at the end of October, which is 5% less than this time a year ago. The number of homes sold over the last 3 months, averaging 14 sales per month, is down 17% compared to the same… more
City of Rancho Palos Verdes October 2015 Real Estate Market Report
share
The level of inventory of homes for sale of 108 homes in the City of Rancho Palos Verdes at the end of October is up about 25% compared to the end of October last year. The average number of homes sold per month over the last 3 months of 35 homes… more
Palos Verdes Peninsula October 2015 Condo and Townhome Real Estate…
share
The inventory of unsold condos and townhomes on the Palos Verdes Peninsula of 35 units at the end of October is down approx. 31% compared to this time a year ago. The average number of sales per month over the last 3 months of 13 units per month is… more
Palos Verdes Peninsula ( All Cities ) October 2015 single family real…
share
The number of properties listed for sale for the overall Palos Verdes Peninsula at the end of October of 202 properties is 7% higher than the same time last year, and the average number of homes sold per month of 63 over the last 3 months is 1%… more
Interest Rates Rise
share
Interest rates for buying a home on the Palos Verdes Peninsula moved up about a tenth of a point this week. The following are excerpts from the newsletter on interest rates published by HSH Associates : " Although the economy isn't firing on… more