California Mortgage Rates Down Slightly

California mortgages have remained under the magic 6% for some time now. The treasury yield on Friday was 4.22% and today so far its down to 4.19%, which may lead to slightly lower mortgage rates tomorrow.

This reaction in the treasury market appears to be due to weak July personal income report. According to the report, personal income edge up just .01% well below forecasts of .5% and less than June's .2% gain.

If you have a mortgage loan in process currently, I would suggest to lock-in your loans because this week there is a lot of data coming out that can affect mortgage rates both way... better to be safe than sorry.

As for real estate new... nothing worth noting today with the exception of the new home construction in California that has slowed slightly but is still 10% above last year. Well need to keep our eye on this in the coming month with the new-permits to see if California new home builders are getting concerned and slowing their building.

Thanks for Reading.
Jessie J. Beaudoin