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For the fifth week, fixed-rate mortgages reached new all-time lows. The 15-year fixed-rate mortgage dipped below 3 percent, settling into uncharted territory, according to Freddie Mac’s weekly mortgage market survey. Thirty-year fixed-rate mortgages also reached new record lows, continuing to stay under 4 percent and pushing home buyer affordability even higher.

“Compared to a year ago, rates on 30-year fixed mortgage rates are almost 0.9 percentage points lower, which translates into nearly $1,200 less in annual payments on a $200,000 loan,” says Frank Nothaft, Freddie Mac’s chief economist.

Here’s a closer look at rates for the week ending May 31.

• 30-year fixed-rate mortgages: averaged 3.75 percent, with an average 0.8 point, dropping from last week’s previous all-time low of 3.78 percent. A year ago, 30-year rates averaged 4.55 percent.
• 15-year fixed-rate mortgages: averaged 2.97 percent, with an average 0.7 point, dropping from last week’s previous record low of 3.04 percent. Last year at this time, 15-year rates averaged 3.74 percent.
• 5-year adjustable-rate mortgages: averaged 2.84 percent, with an average 0.6 point, rising slightly from last week’s 2.83 percent average. A year ago at this time, 5-year ARMs averaged 3.41 percent.
• 1-year ARMs: averaged 2.75 percent, with an average 0.4 point, holding steady at last week’s average. A year ago, 1-year ARMs averaged 3.13 percent.

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The Federal Housing Finance Agency reports the average interest rate on a conventional, 30-year fixed-rate mortgage of $417,000 or less grew 9 basis points to 4.21% in April.

The interest rate reported by FHFA is determined 30 to 45 days before a loan closes. Therefore, the latest rates reflect market conditions that prevailed in mid- to late-March.

The contract rate on the composite of all fixed and adjustable-rate mortgages hit 3.93% in April, up 4-basis points from 3.89% in March — though the FHFA cautioned there is "insufficient sample size" for ARMs.

Meanwhile, the effective interest rate, which shows the amortization of initial fees and charges, hit 4.03% in April, up 10-basis points from 3.93% in March.

Initial fees and charges in April represented 0.9% of the loan balance, which is down 3-basis points from March.

The average term for a mortgage is unchanged at 27.3 years. The average loan-to-price ratio is 75.3%, up 0.5%.

The average loan amount was $256,200 in April, up $9,100 from $247,100 in March.

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3807 Towers Place (Near Linden)
$414,200 - a few blocks from the Italian Athletic Club
4 bedroom - 3,219 square feet
Two fireplaces - beautiful atrium in Master Bath
0.69 acres - outdoor Wet Bar - separate outdoor gazebo
Call 209-951-5555
CLICK FOR PHOTOS AND MAP

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Stockton Ports vs. Visalia Rawhide

Event Type: Sports

Date: Saturday, May 26, 2012
Time: 7:05pm - 10:00pm
Location: Banner Island Ballpark
404 W. Fremont St
Stockton, CA 95203

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Actually it's a "no-brainer". If you want to make a monthly income and own something that will substantially increase in value over the next several years, then you should buy as many rental properties as you can. In fact, Warren Buffet stated recently in an interview that you should buy as much real estate as possible NOW. Owning real estate rental property is the most lucrative retirement plan that exists. In the real estate market, it's not often that we are in a market where most homes will bring in  a higher monthly rent than what the loan payment would be on a particular house; but we are in the midst of this opportunity now. Contact me at 209-951-5555 extension 4 for a consultation. I will show you how to make money in real estate, and I will tell you how much work is involved. Click here for more information about today's real estate market...

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http://www.homewarranty.com/pdfs/signup/22313-English.

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Saturday, May 19th, 2012 from 12pm - 5 pm, Zinfest Wine Festival

Sip, swirl and savor from a selection of 250 handcrafted wines from 50 Lodi wineries. Passionate winemakers and winery representatives welcome guests, offering practical knowledge and sharing their delicious wines. Enjoy local provisions, learn some new tips at the ZinFest Wine and Cooking Schools, or relax along the beautiful Mokelumne River to an eclectic mix of live music. Guests can peruse merchandise from regional vendors and take home a commemorative bottle of custom blended Old Vine Zinfandel from the ZinFest Wine Shoppe. There is no better way to celebrate the fantastic wines of Lodi Wine Country! Tickets include a ZinFest wine glass, wine tasting, participation in seminars and entertainment. Festivities are held from 12 noon - 5 pm.

Tickets are $45 in advance, $55 at the gate and are available for purchase after March 12th.

Must be 21 years of age to attend. As a friendly reminder, even great wines should be enjoyed in moderation. Designated drivers are strongly encouraged. Designated driver tickets are available for $10 each.

ZinFest takes place at Lodi Lake Park, located at 1101-1301 W. Turner Road in Lodi, California. Click here for directions and parking information. Click here for the City of Stockton Events Calendar...

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CLICK HERE TO PRINT COUPON
CLICK HERE TO PRINT COUPON

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