Mortgage Rates Up in Sacramento Real Estate

Mortgage Rates Up in
Sacramento Real Estate

©www.DavidYaffeeTV.com

Mortgage Rates Up in Sacramento
Real Estate
Buying real estate property would be the most ultimate
goal a person would love to do in his or her lifetime.

In Sacramento, there are homes that can be bought below
market value, but first things first, you have to seek help
from a real estate agent in finding this kind of property in
the region.


Real Estate
They know well what to do in giving their clients the
satisfaction they are looking for in finding their dream
homes.

But apart from looking for a realtor’s help, a home buyer
or even a real estate home seller should know the latest
on the mortgage rates in Sacramento before investing in
buying or selling properties in the region.


Real Estate
Local mortgage rates have hit their highest level in nearly
four years, and that has a direct impact on home
affordability and even to home prices.

The average rate on a 30-year fixed mortgage stands at
6.37 percent, up from 5.58 percent last summer.


Real Estate
"I think it's indisputable that demand in the housing
market has declined in the past few months," says a local
researcher in California.

He added that, "It's very clear that rising interest rates
figure very large in that decline."


Real Estate
Apart from the abovementioned statement, he said
that, “Rising rates had already begun to take their toll in
the fourth quarter of 2005, when the 30-year mortgage
averaged 6.22 percent, according to a report released
Monday from Global Insight, a financial information
provider, and National City.


Real Estate
The report figures 71 of the 100 largest Sacramento
housing markets were "extremely overvalued" at year's
end, up from 62 markets a quarter earlier.

Check out your local Department of Real Estate (DRE)
report for additional figures.


Real Estate
The California state report arrives at a fair market value
based on population, income and interest rates and
factors in historical premiums or discounts.

Just a piece of advice to every home buyer and even to a
home seller, mortgage rates has a direct affect on
affordability or to a property value.


Real Estate
For example, a jump in interest rates from 6 percent to 7
percent on a 30-year loan adds about 10 percent to a
monthly mortgage bill.

A homeowner who financed a loan of $200,000 at 6
percent would pay about $1,200 a month. At 7 percent, the
bill would come to $1,330.


Real Estate
As mortgage rates rise, homebuyers who were already
stretched may start demanding lower prices.

This is very true, and most of the time home buyers don’t
just demand to lower the rate but they would also become
choosy in buying the right home for their family. "Low
rates had offset unaffordability in past years," said a local
Sacramento realtor.


Real Estate
Now let see the latest on Real estate in the other part of
the United States;

The state of California and even Florida accounted for 18
of the 20 most overvalued markets, with Naples, Florida
leading the way.


Real Estate
A median home in Naples now costs $367,100, according
to the Office of Federal Housing Enterprise Oversight
(OFHEO), nearly double what the study's estimate it
should.

Just so you know, undervalued markets are much less
common and tend to be priced only slightly below where
they should.


Real Estate
They're especially common in Texas; eight of the top 10
are in the Lone Star State. College Station leads the way --
homes there cost 22.7 percent less than what the local
researcher estimate they should fetch.

To help you understand more the figures I’ve written
above, you may consider asking help from your local
DRE, they would be willing to give you the latest real
estate analysis anytime you want it.


Real Estate
Looking for Sacramento Real Estate properties? Then
visit us at www.DavidYaffeeTv.com !

We offer great quality Sacramento Real Estate
properties! Visit us now!


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Sacramento Real Estate
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Mortgage Rates Up in Sacramento Real Estate