I am very disappointed in today’s article. It is reflective of a typical negative media report with facts and conclusions that are as questionable as the optimistic facts the Visit NV folks are leaning on. For i at mortgage rates are not at 8.35% currently.
Good morning Mike. "Today's 30 year interest rate" is always an interesting post by anyone and I would love to know their source for the 8.35% quote. I would suggest that it's always possible someone is quoting that rate, but how do you post a rate that varies by so many different factors and call it today's rate? I had a client quote me a private banking relationship 30yr Fixed this week in the mid 6's (didn't share the APR)! My pricing from yesterday is showing a jumbo rate in the 7.375% range with a 7.699% APR but these rates are all calculated using very SPECIFIC criteria including credit score, debt to income ratio, down payment amount, type of property, number of months of PITI payments in reserve, etc..
I wouldn't say the average rate is above 8% yet, but rates have been climbing. I don't know referring them to me is the answer, but you can suggest they go to the website of the largest lender in the land and find the following rates:
They may want to begin there but if they are suggesting a range of rates from 7%-9% with a corresponding APR range of 7.2%-9.5%, that is probably the current range out there for just about everything not including private money. 😊 Suggesting a generalization that interest rates for a 30yr Fixed are 8.35% is simply creating clickbait as the media tends to these days I suppose just because you can find it out there?
Aren't you in Italy?!?! Hope you had a great time if you are back and having a great time if you are not. Wishing you well Mike.
John.
BEWARE OF CYBER-FRAUD Before wiring any funds, call the intended recipient at a number you know is valid to confirm the instructions - and be very wary of any request to change wire instructions you already received. An OriginPoint employee will never provide nor confirm wire instructions.
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Mister Sutherland agrees that rates out there can range from 7 to 9%, but that a 7.5% (on average) is probably closer reality for 30 year mortgage at this time. Do I have that correct. If so, the example we used in the article should have resulted in a monthly hypothetical payment of around $5,500 (interest, taxes and insurance). This would equate to 74% of their monthly pay and not the 85% we noted. We stand corrected and appreciate your guidance. Would you mind if we reach out to you and/or mister Sutherland when needing such info (I.e. real estate related) in the future? Either way, thank you for pushing us to get it right.
Wow ! You knocked it out of the ball park, again. Thank you for reporting so clearly and diligently on the elephant in the room. This is the kind of realistic analysis the county needs and that many of us have been hoping for.
When I moved to the Napa VAlley in 1956, there were more abandoned wineries than going wineries. I would hate to see that happen again. Also another issue is the number of winery/winyard owners who do not live here. All the winery owners those years ago were residents and cared what happened in the valley. These absentee owners only care about profits and having their name on a wine bottle.
Thank you for your article. All articles. I find the Features very informative and fast reading. We as a county could make great strides if at least one affordable housing development could be created in Napa using shipping containers in interesting formations on land donated or leased for cheap (Gasser?). The design would be unique and construction could be affordable. If we as a community can provide the workforce housing, so much could fall into place. Why not retrofit empty office space for housing? Creative thinking and generosity from those most able would work wonders.
I find the articles very interesting, enjoyable and timely. While engaging in conversations with my different wine groups, the topic of Napa then and now almost always surfaces. We know the cost of everything has increased but we now are beginning to rethink some of the wines and wineries that we've loved through the years. In March while putting together a trip for a group of friends, I was stunned at the requirements for tastings. it's not just the cost of wines but lodging, prepaying for tastings, tasting fees, etc. It's a bit challenging as many of these wineries, we've been visiting for many years and/or attend events as they come through our community. At a recent large wine tasting, lots of comments of moving into more affordable areas of California primarily due to the rising cost in Napa. Also, in talking to my winery friends in Napa - finding staff is a challenge. Thanks
I am very disappointed in today’s article. It is reflective of a typical negative media report with facts and conclusions that are as questionable as the optimistic facts the Visit NV folks are leaning on. For i at mortgage rates are not at 8.35% currently.
Sorry you feel that way. According to Multiple sources the current rate is above 8.1% with it being as high as 8.39% in some reports as of today. https://www.foxbusiness.com/personal-finance/todays-mortgate-rates.amp
Funny if you talk directly to a lender, that is not the case.
OK, what rate would you recommend we use in this example then?
Good morning Mike. "Today's 30 year interest rate" is always an interesting post by anyone and I would love to know their source for the 8.35% quote. I would suggest that it's always possible someone is quoting that rate, but how do you post a rate that varies by so many different factors and call it today's rate? I had a client quote me a private banking relationship 30yr Fixed this week in the mid 6's (didn't share the APR)! My pricing from yesterday is showing a jumbo rate in the 7.375% range with a 7.699% APR but these rates are all calculated using very SPECIFIC criteria including credit score, debt to income ratio, down payment amount, type of property, number of months of PITI payments in reserve, etc..
I wouldn't say the average rate is above 8% yet, but rates have been climbing. I don't know referring them to me is the answer, but you can suggest they go to the website of the largest lender in the land and find the following rates:
https://www.wellsfargo.com/mortgage/rates/
They may want to begin there but if they are suggesting a range of rates from 7%-9% with a corresponding APR range of 7.2%-9.5%, that is probably the current range out there for just about everything not including private money. 😊 Suggesting a generalization that interest rates for a 30yr Fixed are 8.35% is simply creating clickbait as the media tends to these days I suppose just because you can find it out there?
Aren't you in Italy?!?! Hope you had a great time if you are back and having a great time if you are not. Wishing you well Mike.
John.
BEWARE OF CYBER-FRAUD Before wiring any funds, call the intended recipient at a number you know is valid to confirm the instructions - and be very wary of any request to change wire instructions you already received. An OriginPoint employee will never provide nor confirm wire instructions.
John Sutherland
NMLS# 326980
VP of Mortgage Lending
(415) 497-7879
(630) 478-2727
(872) 243-2467
Email Me
Visit My Website
1800 W Larchmont Ave Suite 305
Chicago, IL 60613
A more personalized mortgage starts here.
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NMLS ID 2185899 NMLS Consumer Access | Licensing Information
AZ - 1024884, CA - CA-DBO326980, IL - 031.0075336, WA - MLO-326980
Please Note : We care about your security and privacy, Please don't include identifying information like account numbers, birth dates and social security numbers in emails to us. Call us instead for secure email options or send the information by fax or regular US mail.
CONFIDENTIALITY AND SECURITY NOTICE The contents of this message and any attachments may be privileged, confidential and proprietary and also may be covered by the Electronic Communications Privacy Act. If you are not an intended recipient, Please inform the sender of the transmission error and delete this message immediately without reading, disseminating, distributing or copying the contents. Origin Point makes no assurance that this e-mail and any attachments are free of viruses and other harmful code.
-----Original Message-----
From: Mike Silvas <mwsilvas@gmail.com>
Sent: Thursday, October 5, 2023 4:06 AM
To: John Sutherland <john.sutherland@originpoint.com>
Subject: [External] Today’s mortgage rates
Hey John
I’m arguing with a reporter who is using 8.35% for todays 30 year interest rate.
What is it and can I refer him to you for more accurate information?
Thanks
Mike Silvas
Realtor Emeritus
BrokerInTrust
Bre#00429787
707-696-5114
Mister Sutherland agrees that rates out there can range from 7 to 9%, but that a 7.5% (on average) is probably closer reality for 30 year mortgage at this time. Do I have that correct. If so, the example we used in the article should have resulted in a monthly hypothetical payment of around $5,500 (interest, taxes and insurance). This would equate to 74% of their monthly pay and not the 85% we noted. We stand corrected and appreciate your guidance. Would you mind if we reach out to you and/or mister Sutherland when needing such info (I.e. real estate related) in the future? Either way, thank you for pushing us to get it right.
Of course and if you ever want actual data about sales and listings, trends etc from the MLS just ask.
Wow ! You knocked it out of the ball park, again. Thank you for reporting so clearly and diligently on the elephant in the room. This is the kind of realistic analysis the county needs and that many of us have been hoping for.
When I moved to the Napa VAlley in 1956, there were more abandoned wineries than going wineries. I would hate to see that happen again. Also another issue is the number of winery/winyard owners who do not live here. All the winery owners those years ago were residents and cared what happened in the valley. These absentee owners only care about profits and having their name on a wine bottle.
Thank you for your article. All articles. I find the Features very informative and fast reading. We as a county could make great strides if at least one affordable housing development could be created in Napa using shipping containers in interesting formations on land donated or leased for cheap (Gasser?). The design would be unique and construction could be affordable. If we as a community can provide the workforce housing, so much could fall into place. Why not retrofit empty office space for housing? Creative thinking and generosity from those most able would work wonders.
Intersting! One of my favorite uses of schools that have been closed is turning them into affordable apartments and condo's
I find the articles very interesting, enjoyable and timely. While engaging in conversations with my different wine groups, the topic of Napa then and now almost always surfaces. We know the cost of everything has increased but we now are beginning to rethink some of the wines and wineries that we've loved through the years. In March while putting together a trip for a group of friends, I was stunned at the requirements for tastings. it's not just the cost of wines but lodging, prepaying for tastings, tasting fees, etc. It's a bit challenging as many of these wineries, we've been visiting for many years and/or attend events as they come through our community. At a recent large wine tasting, lots of comments of moving into more affordable areas of California primarily due to the rising cost in Napa. Also, in talking to my winery friends in Napa - finding staff is a challenge. Thanks