Fast Facts from the California Assoc. of Realtors
August 31st, 2006 . by Mike KellyFactoids As of August 31, 2006
Let’s keep things in perspective. The rates as quoted below are still spectacular! I’ve been in Sonoma County real estate for 28 years. I sold homes at 18.5% Interest rates!!
This during the “Carter” administration when inflation was beserko! Check out these loan comparison!! And remember, in those days (sounding like an old fart huh!?) we only had about three lenders here in town. 30 years fixed and that was it!
18.5% $400,000 Loan, 30 years, Principal/Interest:$6,191.78 per month!!
6.48% $400,000 Loan, 30 years, Principal/Interest: $2,523.01!!
Or a monthly difference of $3,668.78 or $44,025 Yearly!! Yikes!!!
Now if we go back 5-6 years ago at 8% our payment would be: $2,935.06/month or a monthly difference of $412.05. That’s significant also. Almost $5,000 yearly difference!! So PULEEEEEEEEEESE–let’s not rail to loudly about rates being so HIGH!! at 6.48%. Here’s your weekly factoids!
Calif. median home price - July 06: $567,360 (Source: C.A.R.)
Calif. highest median home price by C.A.R. region July 06:
Santa Barbara So. Coast $1,075,000 (Source: C.A.R.)
Calif. lowest median home price by C.A.R. region July 06:
High Desert $333,330 (Source: C.A.R.)
Mortgage rates - week ending 8/24:
30-yr. fixed: 6.48%; Fees/points: 0.4%
15-yr. fixed: 6.18%; Fees/points: 0.4%
1-yr. adjustable: 5.60%; Fees/points: 0.7%
(Source: Freddie Mac)
