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323-243-1234

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keely.myres@compass.com
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LA Digs - Northeast LA Real Estate Blog

Welcome to LA Digs, the real estate and Northeast Los Angeles community blog written by Realtors Tracy King and Keely Myres.

Here, we share tips, market updates, and local news bits to keep you informed on what's happening in Northeast Los Angeles and the surrounding neighborhoods. Read on to learn about the latest in your neighborhood!

How Changing Mortgage Rates Can Affect You

The 30-year fixed mortgage rate has been bouncing between 6% and 7% this year. If you’ve been on the fence about whether to buy a home or not, it’s helpful to know exactly how a 1%, or even a 0.5%, mortgage rate shift affects your purchasing power.

The chart below helps show the general relationship between mortgage rates and a typical monthly mortgage payment:

Screen Shot 2023 05 04 at 1.40.29 PM

Even a 0.5% change can have a big impact on your monthly payment. And since rates have been moving between 6% and 7% for a while now, you can see how it impacts your purchasing power as rates go down.

What This Means for You

You may be tempted to put your homebuying plans on hold in hopes that rates will fall. But that can be risky. No one knows for sure where rates will go from here, and trying to time them for your benefit is tough. Lisa Sturtevant, Housing Economist at Bright MLSexplains:

“It is typically a fool’s errand for a homebuyer to try to time rates in this market . . . But volatility in mortgage rates right now can have a real impact on buyers’ monthly payments.”

That’s why it’s critical to lean on your expert real estate advisors to explore your mortgage options, understand what impacts mortgage rates, and plan your homebuying budget around today’s volatility. They’ll also be able to offer advice tailored to your specific situation and goals, so you have what you need to make an informed decision.

Bottom Line

Your ability to buy a home could be impacted by changing mortgage rates. If you’re thinking about making a move, let’s connect so you have a strong plan in place.

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Interest rates tick up again


Here is a brief summary of mortgage rates for the most common loan programs, prepared by Babak Moghaddam, Mortgage Adviser at Charter Pacific Lending Corp.  Please note  that rates vary greatly based on credit scores and loan to value. Go to www.ChartPac.com for details.  You can also reach Babak at (800) 322-1217 X103 for more information.


Conv. 30 Yr Fixed 1 Point
Rate   APR
4.750  4.790

FHA 30 Year Fixed 1 point
Rate    APR
4.625   5.046
FHA 30 Yr Fixed 1 Point> $417K
Rate     APR
4.625    5.050
Conv. 30 Yr Fixed 1 Point> 417k
Rate     APR
4.875    4.956
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Better deal than your grandparents got!

One of the agents in our office pitched his new listing at 1375 Coronet in Pasadena this morning, a 4 bedroom, 3 bath traditional in Hastings Ranch.  The cool thing about the pitch was that the sellers had the original ad for the property from 1952.  The original list price was $15,005 - at a 4% interest rate!  There ya go folks... it's not everyday that you will actually be getting a better deal than you would have almost 60 years ago!


coronet



 

coronetinterest



A little blurry, but wow!

1375 Coronet is listed for $649,500 (unfortunately for buyers, home prices haven't dropped to 1950s prices!).  If you want to see this home it is open today 10-2, or you can give us a call at 626.844.2211.

Listing courtesy of Darrell Done, Coldwell Banker
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