Interest Rate News!
With inflation rising and some investors in mortgage-backed securities demanding higher rates to purchase bonds, home buyers should work with their broker to lock in a low interest rate. For every half point interest rate increase, the monthly payment on a typical $294,600 mortgage increases by approximately $100. That adds up to a savings of roughly $1,200 annually and $36,000 over the life of a 30-year loan. The calculations are based on the median price of a single-family existing home in California in June of $368,250 and the borrower providing a 20 percent down payment. Here is the name of a very dependable mortgage broker I’ve worked with a lot: Victor Samaan with Peninsula Mortgage. He is reachable at 310-422-3339 to answer all your mortgage questions!
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