Before we get to our rate update, we would like to announce that Central Coast Lending has launched its new website with a complete redesign in appearance and structure.
The new website is designed to be a resource for both clients and the general public. The website provide daily updates about the economy, interest rates, and the housing market, so that readers can decide when the time is right to act. When ready to act, the site has included detailed information about available loan programs, necessary qualifications, insider tips, and expert advice. Then, the site includes an online application for a home loan, critical forms and documents, and the functionality to transfer critical documents directly to Central Coast Lending loan officers.
Some headlines from the website last week:
December Housing Starts Slip: After an impressive November, December housing starts slipped 4.1 percent (down from 9.1 percent). However, year-over-year, the numbers were up 24 percent.
Initial Jobless Claims Drop 50k: Initial jobless claims fell to their lowest level since September 2005.
The Industry: When to Pay Points for a Lower Rate: CCL co-owner Jason Grote looks at that age old question – when to pay points for a lower rate?
Expert: Why Interest Rates are so Low: CCL loan officer Jason VanDyke takes a look at why interest rates have fallen to record lows.
As for rates this week, they have risen slightly in reaction to increased fees. Congress has elected to pay for the payroll tax cut extension with an extra fee for mortgage holders that amounts to $10 per month for a $100,000 loan and so on as the loan amount gets larger. Rates are still available for as low as 3.250 percent (3.525 percent APR), but the points associated with that amount make paying the cost too expensive. We offer a 30-year at a 3.500 percent rate (3.633 percent APR) that is more cost-effective.
We hope to see you check out our new website! Pleases call with any questions – 805.543.LOAN.