After the big ballyhoo over the increase of interest rates over the past few weeks, we are back down near where we started. Rates costs have dropped to begin the week by 1/4 of a point to 3/8 of a point, and we are again advertising 3.5 percent for the 30-year fixed (3.674 percent APR) and 2.875 percent for the 15-year fixed (3.078 percent APR). With the rates settlind down again, now might be the time to revisit mortgage refinance. As Central Coast Lending loan officer Jason VanDyke notices, there is now more refinance opportunity than ever.
Last week, the Tribune posted some interesting local statistics about real estate and employment. February home sales grew 9.7 percent over the previous year, even as median home price fell slightly to $319,000, a 0.3 percent drop. The year-over-year growth rebounded from January’s decline. Although overall median prices fell, the median price for San Luis Obispo’s largest segment of real estate – detached single-family homes, rose 3 percent to $340,000.
February added 400 more jobs from January in San Luis Obispo County, but at the same time, another 499 people joined the ranks of unemployment. As a result, the jobless rate increased slightly to 8.4 percent to end a four-month improvement streak. Overall, the Tribune reports that a seasonally-adjusted 127,400 people were employed during February.
If you missed it, we had Brian Ghiglia of REC Solar on Mortgage Matters Radio last week. Hosts Dan and Jason dug through the data to give you a better picture of the housing market recovery, and then interviewed Brian to learn more about solar energy. This was one of our better shows, and you can listen to the archive HERE. For some background – Central Coast Lending has a weekly radio show on KVEC 920 at 10 a.m. every Saturday to keep the community updated on real estate and mortgage finance. For more information, go to www.mortgagematters920.com.
Make sure to check in with us this week on our website. We have some great articles planned, including advice about how to improve your credit score, a piece about appraisal challenges, and the usual market watch updates.