Mortgage Interest Rates Today

Mortgage interest rates
Mortgage interest rates as January 11, 2023!

Mortgage interest rates today reflect the steadiness of the market throughout the holidays. Mortgage interest rates have stayed in a narrow range for the last three to four weeks, with today’s looking at about 6.125%, 30 year fixed and no points for 20% down payment on a conforming loan amount (up to $726,200) and 5.99% for the same scenario but 30% down payment. 30 year fixed mortgage rates seem to be the way to go right now, as shorter term fixed rates with 30 year amortizations, ( 5 year, 7 year and 10 year that roll over to adjustable rates) are slightly higher and have more points attached.  This isn’t always the case, but as long as mortgage interest rates remain this way, it is an added bonus to get 30 years of the same interest rate and take out the risk of shorter term mortgage instruments.  My advice, if you are capable, is to home shop now, before you run into a purchase market that will place you up against multiple other buyers who bid up the home price. If rates go down after you purchase, you can refinance. If rates go up, you can be satisfied that you were smart enough to hit the interest rates at their low point. Either way is a win! To obtain current mortgage  interest rates and get pre-qualified to buy that special home, call Michael Mitchell 530-406-2200 or 707-337-5970 cell.

Reverse Mortgage

Blog reverse picIs a reverse mortgage right for you? Are you 62 or older with low income and high equity in your home? If so, a reverse mortgage just might be the right tool for your household budget. A reverse mortgage will allow you to stay in your home as long as you live (providing you keep your property taxes and property insurance current). You also won’t have to make that pesky mortgage payment every month! With home prices still high, this would be the best time to get your home appraised, as, the higher the appraisal, the more equity you can use for cash, if that is necessary. The first move should be to give Michael Mitchell a call at 530-406-2200 or 707-337-5970 and talk about your current and long term financial needs. If a reverse mortgage is the answer, then now is the time to get started!

Concessions from seller can help!


With fewer buyers vying for the same home, you are likely to be the only one making an offer on the home your prefer.  So with this lack of competition, comes, in most cases, the ability to negotiate concessions from the seller, or even your real estate agent!  For instance, if you were to purchase a home in Woodland for $650,000.00 and put 20% down, your loan amount would be $520,000.00.  Today’s 30 year fixed rate at no points would be in the mid sixes, but lets use 6.5% for the sample.  If the seller agrees to concessions of $11,835.00 that would buy down your rate to 4.50% for the first year and 5.50% for the second year, then fix at 6.5% for the remaining 28 years.  If rates go down in that first two year period, or shortly after the two year period is over, then you can always refinance to the lower rate!  If rates go higher, you at least know you will never be higher than 6.50%!  The first two year period will see you making $11,835.00 less in payments – that is quite the savings!  If you have questions for yourself or a friend regarding the use of concessions in a real estate purchase transaction, give Michael Mitchell a call at 503-406-2200, 707-259-1117, or 707-337-5970 Cell!

Tip on Buying Your Dream Home

pexels-scott-webb-1029599If you have found that dream home, make an offer now!  When rates have risen, like they have recently, it takes a lot of your competition for that perfect home out of the picture.  So in a lot of cases, you will be the only one negotiating with the seller!  That is a lot better than having five other potential buyers bidding for your dream house!  If rates go down, after you have claimed your new home, then you can refinance.  If rates go up, you can be satisfied that you received the lowest rate when you purchased your home.  So go for it!  Claim that dream home today!  Your realtor will still want to see that you are pre-qualified to buy that home, so call Michael Mitchell at 530-406-2200, 707-259-1117 or 707-337-5970 cell, mornings evenings, after hours and weekends!

Conforming loan limit now $715,000!

A couple (not all) lenders have estimated what the new conforming loan limits for 2023 will be, and are jumping the gun on offering them to the public!  Mitchell Mortgage can get you the new conforming limit right now!  It is $715,000.00!  Call now to see if this helps your current needs for financing,  Michael Mitchell 530-406-2200 or 707-259-1117 or 707-337-5970 cell.

Long term rates unaffected by recent Fed action

The Fed raised short term interest rates last week. FYI – to date, it has only helped long-term interest rates come down…albeit slightly. What it really affects are people who carry balances on their credit cards, Home Equity Lines of Credit and Adjustable Rate home loans. If you are on the fence for a fixed rate mortgage, purchase or refinance…this is a good time to take advantage. Call Michael Mitchell for more information! 530-406-2200, 707-259-1117 or mobile at 707-337-5970!

Tip of the day!

Great news! Now every county in California can get financing up to $679,650.00 up to 80% loan to value. Call Michael Mitchell for more information!


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