INTEREST RATES STILL HOVERING AROUND ALL TIME LOWSApril 10, 2012 Santa Barbara Real Estate Voice
Interest rates for home purchase as well as re-financing continue to hover around historic lows. Below is a average interest rate table based on a survey of several national leading lenders for the end or March 2012.
To take advantage of these great rates here in Santa Barbara, I am hearing from both lenders and clients that these rates are based on good credit scores, 20-25% down payment and loan amounts up to the conforming $625,000. Up to the older conforming amount of $417,000, rates are tending to be .25 point less.
As far as being able to access these rates if you are doing a refinance, the caveat is that you have to have an appraisal done and show that you already have / still have at least 30% equity in your home. If you only have 20% equity in your home for example, the refinance rates tend to be higher besides the difficulty of simply being able to refinance now if you have less than 30% equity.