For the fourth straight week, we get the pleasure of reporting that interest rate costs have dropped. This drop in particular is notable because we have again reached record low rates. Freddie Mac reports that the national average for the 15-year fixed hit a record low, at 3.11 percent, and the 30-year fixed fell to 3.88 percent. At Central Coast Lending, we advertise our 30-year fixed at 3.500 percent (3.633 percent APR) and the 15-year fixed at 2.750 percent (2.989 percent APR). Overall, costs for these rates have improved by over 1 point the last three weeks. If you have been on the fence about refinance, time to make the call – for more information and a free prequalification, give us a call at (805.543.LOAN). For more rates and information on the movement, see our April 16 Rate Update.
Last week was a busy one for economic statistics and indicators. In the first week of April, jobless claims reversed their positive downward trend and rose 13,000 to their highest level since January (380,000 total). The trade deficit dropped slightly, as exports rose 0.1 percent and imports dropped. Housing news has been mostly negative. For the third straight month, initial foreclosure notices increased (in March they rose 7 percent). MBA purchase applications fell and home prices are down to the 2002 level. For a full rundown of the economic and housing news we monitored, you can go HERE.
The market had another rough week, and the Dow continued its slump below 13,000. To begin this week, though, stocks ralled 71.82 points to settle at 12921.41. The market has been choppy over general concerns about the recovery both here and in Europe.
We had a solid lineup of content last week in our two blogs – Professional Insight and SLO County Locals. In the Professional Insight blog, KD Janni Landscaping wrote in with an article discussing the pros and cons of synthetic grass, Bradley Liggett continued his estate planning basics series on the topic of avoiding a probate conservatorship, and Eric Parkinson gave some tips on how to find the right litigation attorney. On our Locals blog, we did a feature on Morro Bay secret gardens and a review of the cheap and delicious La Parisienne Bakery in Morro Bay.