The end of January’s Fed announcement was very favorable for mortgage rates. This week’s mixed economic data, Treasury auctions, and news from Europe had little influence. As a result, mortgage rates ended the week lower.

The forecasts from Fed officials for the fed funds rate contained some major surprises for investors. Fed officials now expect that economic conditions will allow the fed funds rate to remain at exceptionally low levels until at least “late 2014″.Prior statements extended the expected time frame only to mid-2013. In addition, comments from Fed Chief Bernanke suggested that Fed officials would like to see stronger economic growth, and they are open to the possibility of additional Fed easing. Many investors think it is likely that the Fed will announce additional MBS purchases at a later meeting. The expectation for a low fed funds rate and the possibility of additional Fed purchases of mortgage-backed securities (MBS) increased demand for MBS, which resulted in higher MBS prices and lower mortgage rates.

The most recent release of Gross Domestic Product (GDP) showed an increase at a 2.8% annual rate during the fourth quarter of 2011, which was a little below the consensus forecast, but up from 1.8% during the third quarter. Early estimates for the first quarter of this year are for a slower growth rate. The long-run average growth rate for the economy is generally considered to be around 3.0%, and the economy usually grows at a faster than average rate following a recession. Given that the economy is growing below its potential and that inflation remains tame, the Fed’s expectation that monetary policy will remain very stimulative for a long time is understandable.

CALL PAM PARTON 760-580-1615     OR                     JOANNA WOOLLEY 760-580-1630

We would love  to help you with your home sale or purchase in North County San Diego, give us  a call at any time so we can help you get the process started!

Content Courtesy of John Yeager, Summit Mortagage

If you’ve been thinking about buying a new home, winter is the time to start getting serious. Here are a few reasons to brave the cooler weather and go on a house hunt:

The winter season has fewer units on the market, and sellers tend to need to move from their property. You can use that to your advantage to get a favorable deal.

Winter has fewer buyers in the market. Looking for a home in the winter can be inconvenient, and people are less likely to move. Families also tend to be on a September to June cycle because they are unwilling to move their children to a new town in the middle of the school year. Fewer buyers means less competition.

Lenders usually have fewer loans to process and less paperwork to deal with. With lenders less hassled, you might be able to  expect a smoother process to get approved for a mortgage.

Finally, as all savvy shoppers know after the holiday season comes the season of bargain opportunities. This includes houses as well!!

So go out and brave the weather, rain or sun and find that home you’ve been looking for. NOW IS THE TIME TO BUY.

For a complete list of all the latest short sales, foreclosures and standard sales call: PAM or JOANNA .

PAM PARTON: 760-580-1615                       JOANNA WOOLLEY: 760-580-1630

San Diego lets Celebrate

It’s that time of year again - SIZZLING HOT summer weather and time for San Diego County to celebrate 4th July. Where ever you live in San Diego County there will be firework events to enjoy. Did you know that San Diego has been selected as one of the top ten places in the Nation to celebrate 4th July?

 There have been some cancellations due to the tight budget restraints but for the most part Fireworks are as usual.  We have put together a list of the displays scheduled throughout the County of San Diego. So just for one day let your cares slip away, get out of the house, drop the chores, relax kick back with your family and friends and enjoy 4th July. 

San Diego:

San Diego Bay: Fireworks at 9 p.m. The “Big Kahuna” of fireworks. Best views from Shelter Island, Harbor Island, the North Embarcadero, and Seaport Village/Coronado Landing.  Also televised on Cox 4 HD and Fox 5 HD.

 Free parking lots with shuttle service for Harbor Island and Shelter Island. Paid parking lots also available.

La Jolla Cove : Fireworks at 9 p.m. Good views for Scripps Park, La Jolla Cove and La Jolla Shores Beach.

Mira Mesa:  Recreation Center – 8575 New Salem St. – Fireworks at 9 p.m. Also Parade begins at noon including: games, rides and food in Mira Mesa Community Park.

Mission Bay Yacht Club: 1251 Carmel Place – West Mission Bay Fireworks at 9 p.m.

Ocean Beach Pier: Ocean Blvd and Newport Ave. 30th Annual Celebration Fireworks at 9 p.m.

SeaWorld: SeaWorld Independence Day Fireworks at 9.30 p.m View from Crown Point high areas.

North County:

Camp Pendelton: Del Mar Beach Fireworks at 9.00 p.m.. The Beach Bash has activities all day long with music, food and games.

Escondido: Grape Day Park 321 N.Broadway – Fireworks at 9 p.m. Other festivities from 4 p.m. inc games, food, music and entertainment for all ages.

Rancho Bernardo: Webb Park 11000 Avena Place, Fireworks at 9 p.m. The Festival and Parade run from 7.00 am – 9.30 p.m. Starting with a pancake breakfast  then music,food crafts and games all day.

Poway: Poway High School Stadium – 1550 Espola Rd – Fireworks start at 9 p.m. Other fun events from 7 9.m.

Legoland: Fireworks at 8.30 p.m.Inside legoland. Other festivities all day with paid admission. More info – call 760-918-LEGO

San Diego County Fair (Del Mar Fairgrounds) – Fireworks at 9 p.m.

San Marcos: William Bradley Park – 465 S.Rancho Santa Fe – Fireworks at 9.30 p.m. Festival Festivities begin at 5.00 p.m.

Valley Center: Baseball Field on Lilac Rd. Fireworks at 9 p.m

Vista: Brengle Terrace Park -1200 Vale Terrace Drive – Fireworks at 9.00 p.m. Other Activities all day from 11 a.m. – 9.30 p.m

East County:

Lake Murray: Fireworks at 9.15 p.m.

Ramona: Olive Pierce School – Hanson Lane. Fireworks at 9.00 p.m.

South Bay – South San Diego County

National City: Kimball Park 12th St and D Avenue Fireworks at 9.00 p.m.