In last 3 weeks, 30 year fixed mortgage rates have gone up 34 basis points for San Francisco (SF) Bay Area homes.
In the latest results of its Primary Mortgage Market Survey® Freddie Mac reported 30-year fixed-rate mortgage averaged 5.05 percent with an average 0.7 point for the week ending December 24, 2009. The 15-year Fixed Rate this week averaged 4.45 percent with an average 0.6 point. The 5-year adjustable-rate mortgage (ARM) averaged 4.40 percent this week.
These rates are for conforming loan amount $417,000 and lower. Higher loan amounts come with higher interest rates.
The rates through 2009 have been artificially kept lower by Fed by buying Mortgage Backed Securities (MBS). Fed is planning to stop buying MBS in March 2010 and if they actually decide to do so, mortgage rates could go up 25 bps to 50 bps almost overnight. No surprise that the average rates are projected to go beyond 6% by the end of the year.
If you are still on the fence to refinance your Bay Area Home Mortgage, the window for low rates could be short. If you are looking for a Bay Area Mortgage Broker who could shop more than 100 lenders to get you the best mortgage interest rate, call me at 408.905.6261.
FHA’s Energy Efficient Mortgage program (EEM) helps San Francisco (SF) Bay Area homebuyers or homeowners save money on utility bills. This is done by enabling them to finance the cost of adding energy efficiency features to their house as part of their FHA insured loan.
FHA delays HVCC for San Francisco (SF) Bay Area Home Loans until February 15, 2010. FHA announced today that the enactment of Appraiser Independence has been delayed. This was originally planned for a January 1, 2010 implementation.
Short sale is increasingly becoming a common option to sell a house in San Jose and rest of the San Francisco (SF) Bay area. A short sale is a transaction where a seller sells the property for less that what was owed. If you went through a short sale you could have this question - Do I now qualify for a loan? FHA recently came with a guideline on this question. Below are the highlights:
2. Create a great table setting backdrop. Once your theme is chosen, find a piece of fabric or ready-made tablecloth to create a backdrop. If you don’t have a matching tablecloth, cut a large square piece of fabric in a color that goes with your theme. In this photo, we have created a gold and silver theme and our base is a simple square cut of gold fabric draped diagonally across the table. This creates a perfect background to build on.
3. Layer upward. Once you have a nice base, you can put together your centerpiece and plate settings. Use a coordinating table runner. If you don’t have a fabric table runner, an easy solution is to use patterned construction paper (you can get great 12″x12″ scrapbooking pieces at the craft store) or even stylish wrapping paper that is cut to your table length. You can secure it to your tablecloth with small pieces of tape underneath. In this photo, we’ve used small framed mirrors as a centerpiece base for a shimmery effect. On top of the mirrors you can place a variety of things for decor. From candles to clear vases filled with ornaments or jars filled with gold or silver spray-painted branches. Fresh flowers from the store are also an elegant touch! Layer your place settings - with bowl in a small plate on top of a large plate. This stacking effect creates a formal, festive look.
4. Add some unexpected touches. This is the fun part! A great way to do something unique is to create personalized namecards for each table setting. In this example, we’ve used metallic silver sticker letters on study cardstock paper folded in half. Punch a hole on top and loop a coordinating ribbon through. On the back of each card is a hand-written inspirational quote - a great table conversation starter! Other fun touches are dropping a gold-wrapped chocolate in each wine glass as a mini-present, or dressing up the head chairs with small color-coordinating cushions for a softer, living-room style look.
In home purchase transactions in San Jose and rest of the Bay Area, there are many times when the buyer and the seller are simply unable to agree upon a specified closing date. The Real Estate Agent involved can negotiate a ‘rent back’ period that is agreeable to both parties. This means the transaction technically closes, the loan for mortgage financing is funded, and ownership of the property is transferred into the buyer’s name. However, the buyer does not take occupancy of the property until several days later. Instead, the buyer sets up a rental agreement in which the property is leased back to the seller for a temporary period that everyone has agreed upon.
