Last week saw the rates for a thirty year fixed mortgage averaging 4.5 % with 0.7 point. This is lower than the preceding week's average rate of 4.56 %. Fifteen year fixed rate mortgages had an interest rate of 4 % with 0.7 point. Interest rates can vary, due to daily market fluctuation and the degree to which the loan applicant is credit worthy.
Interest rates in the West, including the San Diego area, were a bit below the national average, with a 4.48 % interest rate for a thirty year fixed rate mortgage and 3.95 % for a fifteen year fixed rate mortgage.
However, obtaining a mortgage can be a bit tricky. To start with, your credit rating should be excellent; that is, at least 740 or higher. Also, you must have a fairly sizeable amount to put down. At least 20 % down is required for a Jumbo loan, that is, $697,500 or higher.
While a stellar credit rating is still essential in order to obtain a conventional mortgage that is less than $417,000, a down payment of just 5 % may be all that is needed.
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