Thursday, September 3, 2009

Mortgage Rates Drop

Mortgage Rates Drop. At our weekly sales meetings, we cover various topics. One of them is interest rates. While most have predicted that interest rates will rise within the next 12 months, we were pleasantly surprised to learn rates had dropped this week. We are again seeing some fixed mortgages in the 4.875% range. Jumbo loans are in the low 6% range. Not coincidentally, we polled agents in the meeting and 12 agents were involved with multiple offers last week. Some deals had 2 offers, some had as many as 15. The number of Pending Sales of single family homes in Santa Clara County is at approximately 2,800 while homes for sale are down again to approximately 2,200. The trend certainly seems to be continuing that there are more buyers than sellers. (408) 247-4029

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