Today’s Rates


Today’s Public Employee Home Loan rates

Today’s CalPERS Member Home Loan rates

Today’s CalSTRS Member Home Loan rates

Normally I wouldn’t write about mortgage interest rates as rates themselves aren’t what have macro-economic significance, yet are the results of the economic situation. Today, CalPERS posted 5.25% for their 30 Year Fixed Rate mortgage rates, and this was on a 60 day lock. That is extremely significant. This is the program that also allows for the Member to possibly capture a float down, where if the rate is posted lower on the date of full approval and/or the date of drawing documents for the signing, the Member’s rate floats down to the lowest rate posted for the exact same program. CalPERS has been aggressively pricing their loans for the past year and the program has been extremely successful. CalPERS has not been unaffected by the turmoil in our national economic down trend but is weathering the storm better than most financial entities. Rates being as low as they are today is significant because they are very near their all time low, which I believe was set in June of 2003. Yesterday the same program was actually offering 5.125% but I had no time to write, of course, as I’m in the mortgage industry and time is a rare commodity right now. What these rates are signifying is that our economy is in dire straits. The money being put into long term securities is the cause for the lower rates, which shows extremely low confidence in short term investments like most sectors of the stock markets. Look for rates to stay below 6%, at least until the new presidential administration takes office. It’s my feeling that the new administration will not be able to change much economically but the perception of the masses is where the power eminates and the masses seem to believe the change will be positive. After all, much of the trouble we have in our financial markets is emotionally based as opposed to having factual validity anyway…but I will leave that for a future article.


Jason Shapiro


Quality Funding


My two cents with interest…

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Jason Shapiro