30 Year Fixed 3.875% (3.980% APR) 15 Year Fixed 3.375% (3.507% APR) 5 Year ARM 2.5% (2.597% APR) 30 Year Jumbo 4.125% (4.231% APR).
Mortgage loan application volume was record breaking for October. Central Coast Lending had the busiest month we’ve ever had, funding nearly triple the volume of the average month so far in 2010. Borrowers are busy taking advantage of the low rates, refinance transactions made up close to 90% of the funded loans. Many borrowers are also taking advantage of the “Relief Refinance” programs that allow you to refinance even of you owe more than your house is worth; if your loan is owned by Fannie Mae or Freddie Mac. This doesn’t mean that you write a check each month to Fannie or Freddie, this means that they indemnify your loan for your existing servicer. Its easy to tell if either of these entities own your loan, for Fannie check here www.fanniemae.com/loanlookup/ and for Freddie check here www.freddiemac.com/corporate.
Didn’t find your name on either search? Don’t give up yet. In some cases you can to FHA. The FHA rate is as low as 4.125% (APR 4.962%) so you can still save money by refinancing, even adding mortgage insurance. If you’re at all interested in exploring these options give us a call!