Mortgage rates drop under the pandemic

Martina Del Bonta reports

AND IT'S GOING TO BEANOTHER BEAUTIFUL DAY OUT INTHE SACRAMENTO AREA ACTUALLYWHERE YOU GO IN THE VALLEYIT'S YOU KNOW IT'S QUITELOVELY ALSO LOOKING LOVELYRIGHT NOW IS OUR INTERESTRATES, LONG-TERM MORTGAGERATES DROPPED TO A RECORD LOWTHIS WEEK, THE LOWEST LEVEL INTHE 50 YEARS THAT WEEKLY RATESHAVE BEEN TRACKED BY FREDDIEMAC BRENT HAPPILY, CEOPRESIDENT OF CATALYST MORTGAGEJOINING US LIVE IN ROSEVILLEGOOD MORNING, BRANDON.

GOODMORNING.

THEY HAVE NO PROBLEMSO LET'S TALK ABOUT THIS 3 ITWAS AT 3% FOR A LONG TIME IWAS JUST TELLING ME IN THEBREAK WHAT HAS BEEN I WE JUSTBOUGHT A BRAND NEW HOME AT 3%AND IT DROPS TO WHAT NOW.YOU KNOW REALLY WERE IN INMIDTO MEN HIGH 2% RANGE RIGHTNOW ON INTEREST RATES AND SOFOR FOR THE CONSUMER AND FORTHE PERSON THAT SHOPPING FOR APURCHASE OR REFINANCEDEFINITELY SOME WELCOME NEWS,YOU KNOW WITH EVERYTHING GOINGON TODAY'S IN TODAY'S ECONOMY.WELL, THE MARKET RIGHT NOWIS CRAZY, IT FEEL LIKE A LOTOF PEOPLE FROM THE BAY AREAARE NOW DECIDING TO WORK FROMHOME AND WORK SOMEWHERECHEAPER RIGHT IN THESACRAMENTO AREA SO THE MARKETIS HOT.RIGHT THE MARKET REALLY ISHOT AND WE ARE WHAT REALLYWHAT WE HAVE GOING ON IS THESAME AMOUNT OF INVENTORYTHAT'S BEEN WAS SMALLERINVENTORY.

COOL NOW WE HAVEMORE BUYERS AND WE HAVE FIRESTHAT YOU KNOW BEFORE MIGHTHAVE ON CALL 5, 4, 1, TO300,000 OR MORE EVEN NOW THATALL HER 3.80 TO 400 OR$420,000 MORTGAGE.

SO WHAT YOUHAVE MORE PEOPLE NOW ARE ALLREALLY GOING AFTER THE SAMESAME HOMES ARE AVAILABLE.

SOIT'S GOING TO BE VERY VERYCOMPETITIVE.

I MEAN WE'REDEFINITELY TO SEE SOME PRICEOF COURSE.IN TERMS OF MONTHLY PAYMENTHOW MUCH OF AN ADJUSTMENT DOESA 2% DECREASE IN YOUR MORTGAGEMONTHLY INTEREST RATE MEAN FORUS FOR MONTHLY PAYMENTS.WELL, YOU KNOW FOR THEAVERAGE CONSUMER FROM 2 YEARSAGO NOW YOU'RE LOOKING AT APURSE TO $400 PER MONTH.

THATYOU POTENTIALLY COULD BESAVING WITH THIS KIND OFINTEREST RATE DROP AND YOU'REALSO TALKING ABOUTCONSOLIDATING CREDIT CARD DEBTIF YOU REFINANCE YOU KNOWTHOSE TYPES OF THINGS THATINTEREST AND THE MONTHLYMORTGAGE SAVINGS, MY PAINTINGSIS IS HUGE AND IT'S DEFINITELYCOMPOUNDED WITH WORRIES RIGHTON TOP OF THAT BEING ABLE TOCONSOLIDATE THAT OF REALLY OFONE WOMAN.SO A LOT OF THIS ISAFFECTING THE CONVENTIONALLOANS ARE PEOPLE THAT MIGHT BEIN THE MARKET LOOKING FOR AJUMBO LOAN DOES THIS AFFECTEDIN ANY WAY AS WELL.THAT'S A GREAT GREAT POINTRIGHT NOW WITH EVERYTHINGGOING OUT OVER THE JUMBOMARKET IS VERY VERY TIGHT ANDTHERE'S ONLY CERTAIN LENDERSTHAT ARE DOING A LOT OF JUMBOLOANS AND PRIMARILY THANKS FORDOING SO, BUT WHEN IT COMES TOHOW INTEREST RATES ARE BECAUSEOF OF THE THE TIGHTENING INCREDIT WHETHER IT'SCONVENTIONAL JUMBO VIA A USB AAH HA EVERYONE CAN BENEFITWHERE EACH TRUCK TODAY REALLYJUST IMPORT SHOP AROUND THETREE UNDERSTANDING.

I WANT TOGET YOU A 2.5 OR 2.75%INTEREST RATE WHICH IS GOINGTO COME DOWN TO WHAT IT COSTTO GET THAT RATE THAT'S WHENSHOPPING AROUND CONSUMER, SOIMPORTANT ESPECIALLY WITH ITSPEOPLE.ALL RIGHT BRANDON, THANKYOU SO MUCH FOR TALKING TO USHELPING US FIGURE OUT THEMORTGAGE MARKET, I'M TRYING TOGET HIS TO BUY BECAUSE HISRANCH RIGHT NOW DOWNTOWNSACRAMENTO IS ASTRONOMICAL ANDSO IT DEFINITELY ISN'T ITBEFORE PEOPLE LIKE THAT THAT'SA PERFECT EXAMPLE ARE LOOKINGAT IF YOU'RE RENTING RIGHT NOWIS DEFINITELY YOU KNOW A GOODTIME TO LOOK AT IT AND SEE IFPURCHASING IS BETTER THANREADY FOR YOU BECAUSE REALLYTHE SAVINGS ARE THERE ALLRIGHT BRANDI THANKS SO MUCHUNTIL NEXT TIME WE'LL TALK TOYOU LATER WE APPRECIATE IT.ALL RIGHT TIME NOW 8.17 LET'SGET ON OVER TO ADD ANOTHERPERSON I TRIED TO PUSH IT INTO