This has been a very hopeful week for the country with the Inauguration and the new administration in the White House. We did have some negative news regarding Bank of America’s fourth quarter results but mortgage rates have been holding steady. 4.75% interest for a 30-year fixed conforming loan is a great rate.
6.250% for a 30-year fixed jumbo loan is almost a full point lower than my last report on December 18th. This should have a beneficial effect on Palos Verdes real estateas most properties fall into this category. According to the Mortgage Bankers Association, the Refinance Index is at its highest level since June 2003 as homeowner’s are taking advantage of these lower rates.
