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San Luis Obispo County mortgage rates continue to drop

Happy holidays! Sorry to be like all those stores who pull out their Christmas decorations come November 1, but we would like to announce a steep mortgage rate cut ahead of the coming holiday season. After all, lower mortgage rates + refinance = savings… and savings mean you can get that pesky holiday shopping out of the way at all of these stores proclaiming “holiday” discounts.

Mortgage rates in San Luis Obispo County have steadily dropped over the past few months, and with prices as good as they are, we feel comfortable publishing rates that are between 1/4 and 3/8 of a point lower than we have been.* Here are a few examples:

  • 30-year fixed: 3.000 percent (3.121 percent APR)
  • 15-year fixed: 2.375 percent (2.558 percent APR)
  • 30-year FHA: 3.000 percent (3.993 percent APR)

You can see the rest of our mortgage rates for November 19 (there are 10 loan programs listed) HERE.

In the wider world, markets continue to be held hostage by Fiscal Cliff speculation. As we wrote here last week:

Stocks had their worst week since June, as markets turned their focus from the election to the upcoming “fiscal cliff” dilemma that you will begin to see headlines about every day.

Talks between the White House and Congress began last Friday, and representatives said everything positive: there are a few fundamental agreements as to how this should get done. Among the agreements: the government will not allow the U.S. to fall over the “fiscal cliff.”

Today, stocks jumped on optimism that a deal could get done, as the Dow rose over 200 points. A brief refresher on the fiscal cliff for those of you who don’t yet know:

The fiscal cliff is a combination of expiring tax cuts and mandated cuts in government spending.  Inaction would cause about $500 billion in spending to disappear from the economy, which some predict would slide the U.S. back into recession.

Housing continues to be a bright point for the economy. U.S. Employment, on the other hand, had an alarming report come in on Thursday – a  78,000 jump in jobless claims for the week ending November 10. This can be partially explained by damage resulting from Hurricane Sandy, but still suggests an underlying weakness.

To follow the data as it is released, as well as updates on the fiscal cliff progress, make sure to check in with our website throughout the week. The Central Coast Lending newsroom covers the latest local and national real estate, mortgage, and economic developments.


*APR is subject to increase and terms subject to change. APRs may very depending on loan details such as points, loan amount and loan-to-value, your credit, property type and occupancy. Closed rate and APR assume a rate and term refinance of a single family detached owner-occupied primary residence, loan amount $417,000 ($561,200 for high balance), and a minimum FICO score of 760. Situations vary based on applicant.


Written by Central Coast Lending - Go to Central Coast Lending's Website/Profile