California mortgage rates trend lower – Shop like a pro and seal the best deal

The very first Friday of every month is filled with awe and shock as the release of the monthly employment data will rarely be a very calm event. In the first week of April, 2013, the March data was released and it didn’t disappoint in terms of surprise! According to the news, the Mortgage Backed Securities (MBS) price improved by 40 basis points and by 122 basis points for the entire week. MBS usually goes up in a weak economic state and the increase in MBS is indirectly proportional to the mortgage rates; when MBS prices move up, the mortgage rates plummet. So, if you’re a resident of California who is in the market to pick his share of mortgage loan, there’s good news for you. However, you need not rejoice so much as to forget asking yourself the most important question ‘how much house can I afford’ before taking the plunge.

California Mortage Loan

With mortgage rates likely to go up, this is probably the best time to take out a home mortgage loan in California.

The California mortgage rate outlook – What does the unemployment report say?
According to reports of the second week of April, the unemployment rate of California hit at 7.6% down from 7.8% and this so far looks good enough! No matter the spin, the unemployment reports were weakest since last June. As for the decline in the unemployment rate, this indicates that an increasingly large number of discouraged workers are no longer looking for jobs. As interest rates have been rising throughout 2013, the California market has suddenly taken a U-turn. The reports show that the 30 year fixed rates in California fluctuated from 3.35% in November, 3.35% in December, 3.41% in January, 3.54% in February and 3.57% in March. The market may remain volatile on some days and might also fluctuate during some days. But over the next few weeks of 2013’s 2nd quarter, the rates are rarely going to change.

Test your shopping skills – Tips to sharpen your skills and crack the best deal
When it comes to borrowing for a home loan, shopping for the best California mortgage rate has always been a dream for the homebuyers. The challenge with this strategy is that there is various misleading information that are released. Here are some tips to sharpen your skill and get the mortgage rate.

Practice the bait and switch technique: There are some mortgage lenders who will advertise very low rates to set their official phones ringing. However, you should be aware that often the advertiser offers an abnormally low mortgage rate with the intention of using a ‘bait-and-switch’ technique once the client is reeled in. Avoid falling prey to such scams.

The short lock period: The average borrower enters into a purchase contract to purchase a home at least for 30 days. Pricing on an interest rate that is locked for a 7-day period is just useless for most prospective homebuyers. This is simply not enough time to complete the entire transaction. The lock-in period is often not realistic in terms of providing enough time to negotiate the purchase and close the deal. So, you should be careful when a rate is quoted as you need to ask the lender what the lock duration time is.

Check if points are included: Additionally, apart from the above points, you should also take into consideration that the interest rate is not the only vital factor that should be taken into account. Another question that you should make is how long the borrower needs this money. The length of time that is involved in borrowing the money has a huge impact on whether or not one should pay the upfront fees.

Comparing the APR might not always work: Another marketing ploy that makes mortgage interest rates seem attractive is geared towards the manner in which the fees are presented. You should be aware that APR takes many fees associated with the loan into account and this is usually listed in fine print as disclaimer. Read the fine print in detail.

As the price of mortgages will gradually rise throughout 2013, this is perhaps the best time to take out a home mortgage loan in California. Manage your finances in the best way possible and repay the mortgage loan on time to avoid a hit on your credit score.

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Is Home Ownership Losing its Appeal?

Despite interest rates on 30-year fixed loans falling to under 4% for the first time, the rate of home ownership that spans the last decade is down by the most since the depression era.

30-year Fixed Rate Mortgage Trends

Image source: PhoenixRealEstateGuy.com
30-year fixed mortgage rates drop below 4%.

It has become clear that falling home prices aren’t enough of a lure for prospective buyers, in the face of a weak labor market.

The issue is that buyers see a home as much more than a place to live; it’s an investment. The weak economy has made it more difficult to qualify for a loan to purchase a home than it is to simply rent.

The ownership rate is measured as a percentage of homes occupied by an owner compared to all houses in general. This rate has fallen more than a percentage point between the years of 2000 and 2010 nationwide. This rate is expected to continue falling as more people choose renting over owning.

The dream of home ownership isn’t dead, however. Some states such as Michigan and Minnesota have home ownership rates over 70%. It seems that areas where homes are pricier tend to have lower home ownership rates. And the number of renters is climbing as the housing slump worsens.

One recent Census report shows how busy builders have been as of late. Every state saw an increase in inventory, with that in the South and West regions being largest. Nationally, inventory rose nearly 14%. Arizona and Nevada had jumps of over 30%.

All the construction coupled with foreclosures has left many homes vacant. There were 15 million vacant homes last year, up over 40% from the decade’s beginning inventory. Nationwide the vacancy rate was up almost 2.5 percentage points to 11.4%.

See also:
Mortgage Foreclosure – Trying to Restore Confidence
Mortgage Rates on the Rise
New homes in Rancho Cordova from the $200s

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New Home in Victorville, CA

Single Family New Home in Victorville, California

Builder: KB Home
Community: Puesta del Sol at Las Haciendas
Location: Victorville, California
Price: From low $154,990s

Plan Name: Plan 1896
Bedrooms: 4-5
Bathrooms: 2+
Garage(s): 2
Square feet: 1,896

Home highlights: double-story home, quality construction, elegant interiors, spacious great room, luxurious baths, spacious lofts and built to order choices.

Home/floor plan description: Plan 1896 is a two-story single-family home with elegant room designs and offers 4-5 bedrooms, 2+ baths and 2 car garages. The home has a large-sized living room, master bedroom and kitchen.

Community description: Puesta del Sol at Las Haciendas is a picturesque community along historic Route 66 in Victorville, CA. The community is close to schools, entertainment and shopping, including Victor Valley Mall. The new homes are ENERGY STAR rated.

Visit the community | visit KB Home

Sales office:
address: 16013 Papago Place Victorville, CA 92394
phone #: (760) 843-0449

See Also: new homes in California

*This informational resource was not sponsored by KB Home.

*Pricing and availability is subject to change at anytime without notice. Please contact a KB Home sales associate for the most up-to-date information about KB Home, their new homes for sale and their communities.

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Brentwood Villas – New Home Community in Orangevale, CA

Brentwood Villas in Orangevale, California

Community name: Brentwood Villas
Location: Orangevale, California
Price range: From $239,000 – $274,900
Builder: Tim Lewis Communities

# of floor plans: 4
Beds (range): 2-3
Baths (range): 2-3
Garage(s): 2

Community highlights: beautiful gated community, double story neighborhood, courtyard style, solar homes features, classic French country architecture

Community description: Brentwood Villas is located in an established neighborhood in Orangevale. The community is in close proximity to the American River and Folsom Lake. The homes are built with energy efficient features and beautifully designed. Residents will enjoy various outdoor activities from biking trails to the CSUS Aquatic Center.

Nearby amenities: This community is just minutes away from the cities of Folsom and Citrus Heights, offering residents plenty of shopping and dining options.

visit the community | Tim Lewis Communities

Sales office:
Address: 9025 Pecor Way, Orangevale, CA 95662
Phone #: (916) 987-3415

See Also: new homes in California

*This informational resource was not sponsored by Tim Lewis Communities.

*Pricing and availability is subject to change at anytime without notice. Please contact a Tim Lewis Communities sales associate for the most up-to-date information about Tim Lewis Communities, their new homes for sale and their communities.

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New Home in Lake Elsinore, CA

Single Family New Home in Lake Elsinore, California

Builder: Pardee Homes
Community: Silverthorne
Location: Lake Elsinore, California
Price: From low $200,000s

Plan Name: Plan 1
Bedrooms: 3
Bathrooms: 2
Garage(s): 2
Square feet: 1,655

Home highlights: single-story home, quality construction, elegant interiors, deluxe kitchen, luxurious baths and energy saving features.

Home/floor plan description: Plan 1 is a single-family home with elegant room designs and offers 3 bedrooms, 2 baths and 2 car garages. The home has a spacious living room and an optional den in lieu of 2nd bedroom.

Community description: Silverthorne is a master planned community located at the foothills of Lake Elsinore, Riverside County, CA. Residents will enjoy parks, private recreation centers and more than 900 acres of open space. The community offers homes with stylish exteriors and energy efficient features.

Visit the community | visit Pardee Homes

Sales office:
address: 34197 Camelina Street, Lake Elsinore, CA 92532
phone #: (951) 244-1354

See Also: new homes in Lake Elsinore

*This informational resource was not sponsored by Pardee Homes.

*Pricing and availability is subject to change at anytime without notice. Please contact a Pardee Homes sales associate for the most up-to-date information about Pardee Homes, their new homes for sale and their communities.

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New Home Community in Menifee, CA

Sycamore at Hidden Hills in Menifee, California

Community name: Sycamore at Hidden Hills
Location: Menifee, California
Price range: From $214,990
Builder: KB Home

# of floor plans: 7
Beds (range): 3-5
Baths (range): 2-3
Garage(s): 2

Community highlights: single story neighborhood, conveniently located to 15 and 215 freeways, oversized homesites, custom options to design with features and décor at affordable prices.

Community description: Sycamore at Hidden Hills has fantastic single story homes to offer. All homes in the community are ENERGY STAR qualified. Residents will enjoy various attractions at a walking distance.

Nearby amenities: The community has an easy access to shopping, schools and recreational facilities.

visit the community | KB Home

Sales office:
Address: 31762 Victoria Place Menifee, CA 92584
Hours: Saturday – Monday 12 – 7 PM Tuesday – Sunday 10 AM – 7 PM
Phone #: (951)-672-8553

See Also: new homes in Menifee

*This informational resource was not sponsored by KB Home.

*Pricing and availability is subject to change at anytime without notice. Please contact a KB Home sales associate for the most up-to-date information about KB Home, their new homes for sale and their communities.

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New Home Community in Oxnard, CA

Boardwalk at RiverPark in Oxnard, California

Community name: Boardwalk at RiverPark
Location: Oxnard, California
Price range: From the high $200,000s
Builder: Shea Homes

# of floor plans: 3
Beds (range): 3-4
Baths (range): 2.5-3
Garage(s): 2

Community highlights: spacious two-story residences ranging from 1,758 to 2,162 square feet, including three to five bedrooms and three baths, one and two patios per home plus a two-car attached garage.

Community description: Boardwalk at RiverPark is a master planned community in Oxnard. Residents will enjoy all of River Park’s attractions at a walking distance. Jogging trails, pedestrian paths and tot lots are also conveniently located near the homes.

Nearby amenities: The Collection at River Park is a vibrant town center encompassing stores, restaurants and theaters.

visit the community | Shea Homes

Sales office:
Address: 639 Forest Park Blvd Oxnard, CA 93036
Hours: Daily 10-5; Wednesday 2-5
Phone #: (805) 604-1639

See Also: new homes in Oxnard

*This informational resource was not sponsored by Shea Homes.

*Pricing and availability is subject to change at anytime without notice. Please contact an Shea Homes sales associate for the most up-to-date information about Shea Homes, their new homes for sale and their communities.

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New Home in Oakley, CA

Single Family New Home in Oakley, California
Oakley, CA new home from the high $200s

Builder: Meritage Homes
Community: Anchor Bend at Summer Lake
Location: Oakley, California
Price: $279,950

Plan Name: The Roosevelt
Bedrooms: 3
Bathrooms: 2.5
Garage(s): 2
Square feet: 2,232

Home highlights: single-story neighborhood, energy efficient homes, large sized living room, remote master suite with a private bath and walk in closet

Home/floor plan description: The Roosevelt is a single story home with stylish design and offers 3 bedrooms and 2.5 bathrooms. It has a large family room, detached master suite with a private bath and a formal dining room. One can convert the DEN to a fourth bedroom.

Community description: Anchor Bend at Summer Lake is located at a picturesque location. Summer Lake is close to both the Bay area and Sacramento. Residents will enjoy a perfect California Delta living experience and can enjoy natural recreation and water sports.

Visit the community | visit www.meritagehomes.com

Sales office:
address: 1033 Clear Lake Drive Oakley, CA 94561
phone #: 866.675.9383
email: danny.menther@meritagehomes.com

See Also: new homes in Oakley

*This informational resource was not sponsored by Meritage Homes.

*Pricing and availability is subject to change at anytime without notice. Please contact an Meritage Homes sales associate for the most up-to-date information about Meritage Homes, their new homes for sale and their communities.

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New Home in Rancho Cordova, CA

The Cabernet - New Home in Rancho Cordova, CAPlan Name: The Cabernet
Builder: Elliott Homes
Base Price: high $200,000s
Beds: 3 bedrooms
Baths: 2 bathrooms
Sq. ft.: 1,417
Garages: 2-car

The Cabernet is a single-story Elliott Home available in The Alexander Collection at Stone Creek in Rancho Cordova, CA. This home offers comfort and convenience, energy efficiencies, extra windows for natural light and several attractive options and upgrades.

Custom features in The Cabernet include concrete tile roofs, ceramizc tile countertops, oak cabinetry, front yard landscaping, pre-wired afor alarm system and much more!

Community Details: The Alexander Collection at Stone Creek is a single-family neighborhood of energy efficient residences designed to maximize space and minimize maintenance. Stone Creek is a master planned community complete with a 23-acre sports and recreation park with baseball fields, soccer fields, picnic areas and much more. Shopping and entertainment venues are nearby.

For more information about The Cabernet, visit Elliott Homes online

The Cabernet (community link) | www.elliotthomes.com

Elliott Homes did not sponsor this feature floor plan.

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