Last week’s financial news showed lower incomes, modest spending growth, and little inflation in sight. What does all of this mean for San Diego home loan rates? It means the Federal Reserve will likely continue their Bond purchase program, known as Quantitative Easing (QE) to try to continue to hold mortgage rates low. In fact the Fed Chairman, Ben Bernanke, has hinted the Fed will not reduce its monthly purchases of Mortgage Backed Securities until the unemployment rate is lowered.
The continued uncertainty from Europe will cause investors to continue their safe haven trade into our Bond Market. This will help Mortgage Bonds and therefore San Diego Mortgage Rates.
Rates for San Diego Home Loans remain near historic lows. Currently, I can offer a rate of 3.5%, 3.573% APR on a $320,000 loan amount, 80% Loan to Value, 740 plus credit score. The payment on this mortgage would be $1,436.94.
What Financial Reports Will be Released This Week
The labor market will be making news again this week, with several important reports.
- On Tuesday, ISM Services will be released.
- Wednesday starts the reports associated with the labor markets with the ADP Employment Report.
- Weekly Initial Jobless Claims will be reported on Thursday.
- The most important news this week is Friday’s government jobs data, which includes Non-farm Payrolls and the Unemployment Rate.
If you are interested in getting your own quote, please click HERE or feel free to give me a call at 619-312-0612. I am a San Diego Mortgage Broker who works locally and has over 12 years experience. I look forward to helping you secure the best San Diego mortgage rate.