Sacramento Mortgage Rate Update

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Mortgage and Lending with Big Valley Mortgage NMLS#220931, DRE#00899544

So what are mortgage rates doing?

That’s an interesting question.  The conforming 30 year fixed rate has actually been falling.  That is the bright star in a dark sky.  But, it helps pull FHA, VA, CalHFA and any agency 100% programs down with it. 

Freddie Mac last week reported the average 30 year fixed rates in the West at around 6.5% at half a point.  And although things are bouncing around a bit, conforming rates continue their gradual decline.  That makes it a great time for borrowers who can cobble together a down payment and document income.

Jumbo rates–and pretty much everything else–are a different story.  The customary 25 basis point spread between the conforming (under $417k) and jumbo rates has widened in recent weeks to at least 100 basis points, putting the best jumbo 30 yr rates in the low 7% range. 

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