During the last part of 2011, fixed-rate loans of
owners of San Diego condos
account for almost 100 percent of refinance loans, according to a Freddie
Mac Report. It is clear that refinancing borrowers of downtown San Diego condos prefer to obtain fixed-rate loans; this
is whether their original mortgage loan was a fixed-rate or an adjustable-rate
one. There is likewise an increase in refinancing borrowers who chose to
shorten the terms of their loans. One-third of borrowers who obtained their
fixed rate loan of 30 years selected to pay off 15 to 20 year term loans. This
was the highest share of refinancing borrowers in the last decade.
According to the same Freddie Mac report, 55 percent of borrowers of mortgages for their San Diego condos who possessed a hybrid ARM selected a fixed-rate type loan in the second quarter of 2011. On the other hand, the remaining 45 percent elected to go for refinancing with the same loan product. The refinancing share from one hybrid ARM to another has been the biggest since the second portion of 2004.
Fixed mortgage rates among borrower-owners of downtown San Diego condos averaged almost 4.65 percent for those with 30-year loans. On the other hand, borrowers with fixed rate mortgage averaged 3.84 percent for their 15-year loan products. These figures were clearly well below the long term fix rate averages, according to Mortgage Market Survey Report by Freddie Mac. On the other hand, The Bureau of Economic Analysis has come up with the report that the average single-family loan coupon was pegged at the increasing figure of 5.3 percent during the 2011's second quarter. This resulted in the continued strong refinancing activities by borrowers into fixed-rate mortgage loans.
According to the survey report, compared to a long 30-year, fixed mortgage loan rate, the interest rate assigned to a 15-year fixed mortgage rate was around 0.8 percentage points down during 2011's second quarter. For borrowers of San Diego condos who are enticed to go into refinancing because of low fixed-mortgage rates, it is possible for them to enjoy even lower interest rates by cutting short their loan term.
The initial interest loan rate on a hybrid ARM was around 1.2 percent points, which is much lower than that of a 30-year long, fixed-rate mortgage loan. For borrowers who have plans of remaining in their current San Diego condos for just a couple of years, it is a welcome fact that hybrid ARM permits for even greater amount of interest-rate savings.
For more information about Downtown San Diego Condos contact:
Gregg Neuman
1-800-221-2210
Contact the Neuman and Neuman Team
Find More San Diego Real Estate Here!

Finding
out that your credit report carries a number of late payments you attained in
college or several errors from a phone company that materialized a decade ago
is a nasty surprise in the mortgage procedure. Fortunately, mistakes and damaging items can be managed and carried off; and
when it pertains to purchasing a home, you will need to get your credit
straightened so you'll be able to meet the criteria for that low interest loan.
We all know that holidays are still far but
planning ahead might be the best move you can do to prevent cramming. Choosing the
right moves will let you avoid pushing the panic button when holidays are just
around the corner.