California Mortgages Rates under 6% for 5 Consecutive Weeks.

California mortgage rates are remain under 6%. Week economic data and the drop in consumer confidence in August has keep mortgage rates low.

According to Freddie Mac's weekly survey of the 30 year fixed rate mortgage, it is currently 5.77% with an average of .8% points. The average for the 15 year fixed rate is 5.15% with .7% points.

Today the reportedly strong job maket has caused the bond market to react sharply (as bond yields increase so do mortgage rates) causing mortgage rates to increase slightly. Also because of this report many feel the Greenspan may again increase the prime rate at the next Fed meeting on Sept. 21. If you have been thinking about a California mortgage refinance this may be the best time to lock in a mortgage rate.

Have a great labor day weekend!

Thanks for Reading.
Jessie J. Beaudoin