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California Home Mortgage
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California Mortgage
PRODUCT +/- Rate Last week
30 year fixed Graph Icon Arrow 4.09% 4.16%
15 year fixed Graph Icon Arrow 3.25% 3.30%
5/1 ARM Graph Icon Arrow 3.28% 3.36%

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PRODUCT +/- Rate Last week
30 year fixed refi Graph Icon Arrow 4.09% 4.17%
15 year fixed refi Graph Icon Arrow 3.25% 3.34%
10 year fixed refi Graph Icon Arrow 3.15% 3.18%
PRODUCT +/- Rate Last week
60 month used car loan Graph Icon Arrow 3.20% 3.20%
48 month used car loan Graph Icon Arrow 3.18% 3.19%
60 month new car loan Graph Icon Arrow 3.44% 3.44%
PRODUCT +/- Yield Last week
6 Month CD Graph Icon Arrow 0.75% 0.71%
1 Year CD Graph Icon Arrow 1.24% 1.24%
2 Year CD Graph Icon Arrow 1.41% 1.41%
PRODUCT Rate
MMA and SAVINGS 0.58%
$10k MMA 0.57%
Interest Checking 0.43%

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California Mortgage Refinance


In October of 2009, California Association of Realtors® (CAR) President James Liptak said, "California’s housing market continued its strong sales rebound this year, resulting from the continued pace of distressed properties coming to market. This follows two years of double-digit sales declines in 2006 and 2007. Looking ahead, we expect sales to moderate to a more sustainable pace." His statement proved to be insightful.

Since the recession and national housing crisis began, the median price of homes in California has experienced its sharpest decline in history. According to experts like Liptak, the "new normal" for the California housing market will be sales of distressed properties and moderate home-price appreciation.

California Housing Market Recovery

A variety of converging factors affect the recovery in the California housing market. These include first-time buyers and investors buying low-end properties, resulting in short supply. High-end sellers are having a problem securing qualified buyers who can obtain financing with the more stringent loan requirements now in effect. California also ranks third in the nation for mortgage fraud, according to a report by Mortgage Asset Research Institute (MARI), a division of LexisNexis®. It remains to be seen how the lack of a tax credit stimulus for home buyers (it expired April 30th) will affect the California housing market.

CAR's 2010 California Housing Market Forecast estimated that distressed properties would account for nearly one-third of all sales in 2010. The experts at CAR predicted that the median price of housing in California would decrease slightly into 2010, leveling off during the summer. They believed that home prices will reach a high of $280,000.00 at some point in 2010.

Housing Market Rebound

As elsewhere in the nation (including Florida - the state hardest hit by the housing crisis), the California housing market rebounded in March of 2010. This rebound is largely attributed to the expiring tax credit for first-time and other homeowners, the start of the traditional spring buying season and bargain prices due to foreclosures and short sales.

In Las Vegas, home sales rose in March 2010 to the highest level in four years. According to MDA DataQuick of San Diego, foreclosure resales in Las Vegas fell to 55.5% in March 2010, as compared to 73.1 percent in March of 2009.

New Homes Sold Statistics

Throughout the state, approximately 37,295 condos, new and resale homes were sold in March of 2010. That represented a new home sales rise of 3.0% from 2009, and a rise of 32.7% from February 2010. The median price for homes sold in March 2010 was $255,000.00, which is an increase of 14.3% over the same month in 2009. At least 40% of homes resold in March were properties that were foreclosed on in 2008-2009. MDA DataQuick is a division of MDA Lending Solutions, a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. MDA DataQuick monitors real estate activity nationwide and provides information to consumers, educational institutions, public agencies, lending institutions, title companies and industry analysts.

Overall, incremental improvement in the California housing market is creating cautious optimism for recovery. Wild cards that may or may not affect this forecast for the California housing market include a heavier than expected number of foreclosures flooding the market, loan resets, unemployment / job growth, actions taken by the U.S. government, and the budget crisis in California.

Per Aaron Smith of Dismal Scientist, Moody's Economy.com, "The increasingly strong recovery has led us to raise the first quarter growth forecast to 3.5%..." Moody's Economy.com, a division of Moody's Analytics, is a leading independent provider of economic analysis, data, and forecasting and credit risk services. As Mr. Smith noted in his column, "the recovery has legs, and downside risks are receding."

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More About Mortgage Refinance



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Alpine County Mortgage Refinance Mariposa County Mortgage Refinance San Mateo County Mortgage Refinance
Amador County Mortgage Refinance Mendocino County Mortgage Refinance Santa Barbara County Mortgage Refinance
Butte County Mortgage Refinance Merced County Mortgage Refinance Santa Clara County Mortgage Refinance
Calaveras County Mortgage Refinance Modoc County Mortgage Refinance Santa Cruz County Mortgage Refinance
Colusa County Mortgage Refinance Mono County Mortgage Refinance Shasta County Mortgage Refinance
Contra Costa County Mortgage Refinance Monterey County Mortgage Refinance Sierra County Mortgage Refinance
Del Norte County Mortgage Refinance Napa County Mortgage Refinance Siskiyou County Mortgage Refinance
El Dorado County Mortgage Refinance Nevada County Mortgage Refinance Solano County Mortgage Refinance
Fresno County Mortgage Refinance Orange County Mortgage Refinance Sonoma County Mortgage Refinance
Glenn County Mortgage Refinance Placer County Mortgage Refinance Stanislaus County Mortgage Refinance
Humboldt County Mortgage Refinance Plumas County Mortgage Refinance Sutter County Mortgage Refinance
Imperial County Mortgage Refinance Riverside County Mortgage Refinance Tehama County Mortgage Refinance
Inyo County Mortgage Refinance Sacramento County Mortgage Refinance Trinity County Mortgage Refinance
Kern County Mortgage Refinance San Benito County Mortgage Refinance Tulare County Mortgage Refinance
Kings County Mortgage Refinance San Bernardino County Mortgage Refinance Tuolumne County Mortgage Refinance
Lake County Mortgage Refinance San Diego County Mortgage Refinance Ventura County Mortgage Refinance
Lassen County Mortgage Refinance San Francisco County Mortgage Refinance Yolo County Mortgage Refinance
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Madera County Mortgage Refinance