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Dec
17

California Mortgage Rates Rebounding

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According to California mortgage lender,  Bryan Dornan, “Record low rates have made a significant impact on the housing recovery statewide.”  30-year fixed California mortgage rates have been reported as low as 4.5% for conforming and FHA loans.  Unfortunately for many local residents, California home loans are more difficult to qualify for because stated income and no document mortgages have all but disappeared.  The higher California FHA loan limits have been able to broaden the scope for many new borrowers to qualify for refinancing. 

Yesterday, the Federal Reserve announced they were keeping mortgage rates unchanged and extending the government mortgage buying program which is good news for Americans but great news for borrowers living in California.  2010 may be the year that California home values rebound and many distressed homeowners have found comfort with the Home Affordable Refinance Program because it enables borrowers with no equity to refinance their Fannie Mae or Freddie Mac loans up to 125%.

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