Mortgage rates have troughed. Or, so it seems.

According to Freddie Mac’s weekly Primary Mortgage Market Survey, the average 30-year fixed rate mortgage is 4.00 percent nationwide — roughly the same rate as it’s been for 5 weeks.

During that times, rates have ranged between 3.97 and 4.02 percent with an accompanying 0.7 discount points, plus “typical” closing costs. Closing costs vary by state and 1 discount point is equal to 1 percent of your loan size.

In other words, to get the weekly, published Freddie Mac rate, borrowers should expect to pay a complete set of fees to their respective lenders. The larger the loan, the higher the costs. “Low-fee” and “no-fee” loans are available, too — typically in exchange for a slightly rate.

A breakdown of the Freddie Mac survey shows that interest rates and discount points vary by region. Typically, states in the West Region offer the lowest rates but with the highest costs. East Region states work in reverse; rates are often highest but the accompanying points are fewest.

The most recent mortgage rate breakdown by region shows :

• Northeast Region : 4.00% with 0.7 discount points
• West Region : 3.96% with 0.8 discount points
• Southeast Region : 4.06% with 0.9 discount points
• North Central Region : 3.97% with 0.7 discount points
• Southwest Region : 4.04% with 0.7 discount points

What’s most notable, though, is that in all 4 regions, rates are well below their 2011 highs. Since mid-April, mortgage rates have been in descent, dropping for 5 consecutive months before reaching to their current, “rock-bottom” levels in early-November.

Since then, however, rates have idled and the forces that combined to make rates low throughout San Mateo are subsiding. The U.S. economy is showing signs of a rebirth; the Eurozone is edging closer to solvency; and the housing market is recovering.

So, if you’ve been wondering whether now is a good time to refinance, or whether higher rates will harm home affordability, the answer is yes. Get in touch with your loan officer to review your home loan options because, looking ahead to 2012, mortgage rates look poised to rise.

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Check This House Out Today – Call Me For More Info -Or Schedule A Showing-
Fill Out The Form Below or Call 415-504-1018

Oct. 12 (Bloomberg) — Spencer Rascoff, chief operating officer of Zillow.com, talks with Bloomberg’s Matt Miller and Carol Massar about the outlook for the US housing market. Rascoff also discusses mortgage rates and the outlook for foreclosures.(Source: Bloomberg)

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Spectacular SF Bay view, great condition 2,174 Sf home – 3bd/3ba, remodeled kitchen, master bedroom with remodeled marble bathroom, large living room w formal dinning area, family room w fireplace, sun room, hardwood floors, mostly double pane window, newer metal roof, 2 car garage.
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Courtesy of Jorge Carcamo, Gold Key Realty and Investment

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Once your loan is approved, you will be ready to take the final step that will
lead to the door of your new home.  Many homebuyers are intimidated by
the closing process, but it’s not as complicated as you may think.  In fact,
finding the right home is much more difficult than closing the deal.

Making It Official

The closing process begins with the borrower and lender meeting in the
presence of a notary public.  This is a person who is authorized to oversee,
create or certify contracts, deeds and other legal documents.  At the
conclusion of the signing, the notary public will provide their stamp and
signature, which certifies the identification of everyone present and the
signatures on the loan application.

Handing Over The Cash

When you meet with the lender to close the loan, you will be required to
produce your down payment and, if required, the closing costs.  Ask your
lender about acceptable payment methods, which may include a cashier’s
check or other certified funds.  If you have an account with the lender, a
personal check may be accepted in some circumstances.

Review The Loan Documents

At closing, this will be your final opportunity to review the loan documents.
You should make sure that everything is accurate and as promised, including
the interest rates and loan term.  It’s also important that you confirm that
the names and addresses are correct, along with other important information
relating to the loan.  If anything is inaccurate, now is the time to make
changes.  Never sign the loan documents until everything is perfect.

Sign Here, Please

Once everything is verified and the loan documents are approved by both
you and the lender, it’s time to sign on the dotted line.  Believe it or not, this
is one of the most nervous times for a homebuyer.  If you’ve chosen the
right home and are comfortable with your loan, however, it can also be one
of the most exciting.  Once the documents are signed, the notary public will
affix his/her stamp and signature.

It’s A Done Deal

The final step in the closing process is a simple handshake.  Most lenders and
homebuyers will extend their hands and, with a smile, the person who was
just a homebuyer is now a homeowner.  Now that’s something to shake on!

With the keys to your abode now firmly in hand, it’s time to get moving and
turn your new house into a home.

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