American Pacific Mortgage

American Pacific Mortgage

Sunday, March 18, 2012

A Sea Change in Rates & Spring Updates

Interest Rate Update

We have seen the bottom of the rate cycle, and it appears to be past us. Improving economic indicators coupled with increased stock market activity have pushed bond and mortgage rates higher the past week. Rates are still very attractive, but not quite at the 50 year record low mark. My recommendation is don’t wait if you have considered a refinance or purchase this year.

For 30 year fixed rate loans we are seeing 4.125% to 4.25% depending on loan size, for primary residence purchase or refinance. Remember that rates are all subject to FICO score, loan-to-value, property type and occupancy.

FHA and VA rates are still lower than those shown above, but as of the end of March FHA mortgage insurance premiums are rising AGAIN so time is of the essence.


The last few months have been amazingly busy. I’ve been to Dallas with Steve to see his new pied-á-terre with a fabulous view of downtown. He stays there 3 to 4 days during the week, but continues to commute home for weekends. We had the opportunity to see the new musical version of Giant, based on the Edna Ferber novel about the transition in Texas from cattle ranching to the oil industry, with plenty of social commentary.

Business is booming at Museum Tower, his luxury condo development. The first models will be opening soon. I haven’t personally inspected the building since I don’t like open construction elevators…I’m holding out for the interior elevators to open up for my tour!

We ventured up to Napa Valley in late January for a surprise birthday event at Calistoga Ranch for a dear friend. We stayed “under cover” at their guest house—with sweeping views of the Valley—during the weekend, and feel like it is our special getaway! Of course we indulged in the best food and wines the valley has to offer, thanks to our hosts and friends.

Next, my mother stayed with us for six weeks while her master bathroom was being remodeled…and it is amazing! She is now dubbing it her “taj mahal” and it is complete with marble counter top and bench in the walk-in shower, and mosaic designs in the floor and shower tiles. A real showcase, and she’s selling tickets for entry. Any takers?

¡Viva México! I took a quick trip to Baja with my wonderful sister. We stayed with friends who live outside San José near El Puerto Cabo in a private community. Their home is fabulous with panoramic ocean views and amazing art pieces, and I felt like I was living the life of the rich and famous! We had massages en suite one day, dinner "in" with a professional chef, and took dune buggies down to a deserted beach on the East Cape called Shipwreck. One day we took their boat (ahem yacht) out for some sport fishing (no luck) but had a blast nonetheless. I returned home rested and with a slight sun rash. I think my high point of the visit was dinner at “the Farm,” a farm-to-table restaurant featuring organic produce grown on-site. The food, wine and music were all outstanding, and I can’t wait to return. Read about it at or like them on Facebook. They also sell fresh produce, freshly baked items, and offer a interesting array of cocktails. It is a totally hip spot, located out of the way and hustle and bustle of Cabo San Lucas, and is frequented by many visitors as well as local ex-pats.

Next up: scuba diving on the Little Cayman Islands and then the Dallas Art Fair complete with Black Tie dinner event. Can’t wait!