The latest Primary Mortgage Market Survey conducted by Freddi Mac revealed that 30-year fixed-rate mortgage (FRM) averaged 6.17 percent with an average 0.5 point for the week ending April 19. This is down from the prior week’s average of 6.22 percent and considerably lower than last year’s 6.53 percent.
"The low mortgage rates that have prevailed so far in 2007 may have a stabilizing effect on the housing sector. Both housing starts and new permits for March came in above expectations, but February's housing starts numbers were revised downward. Because of weather-induced fluctuations in housing statistics, we will have to see what the numbers show later in the Spring to gauge whether the March readings are indeed a signal of market turnaround." according to Frank Nothaft, Freddie Mac vice president and chief economist.
Along with this, consumers are leveraging the power of the internet to find even lower rates and are no longer limited to local lenders and financial institutions. The LEI Mortgage website from the LEI Financial group allows customers to apply for loans directly from their website. LEI Financial act as both direct loaners and as loan brokers guaranteeing their website visitors the lowest rates nationwide with a promise to beat or match any competitor offer.
Although California mortgage shoppers can enjoy the in person service of LEI Fanancial’s San Diego office, the LEI Mortgage website is not limited only to California mortgages and encourages consumers nationwide to use their online system which guides users in a simple and intuitive process to complete their loan. In fact many California mortgage shoppers prefer the online system as they can apply from the comfort of their home and don’t necessarily go in person either.
