What Are the Current Mortgage Rates in Sonoma County?

As of May 2024, mortgage rates in Sonoma County are influenced by a variety of factors, including economic conditions, loan types, and individual borrower profiles. Here’s an overview of the current landscape:

1. Average Rates: The average mortgage rates in Sonoma County for a 30-year fixed-rate mortgage are approximately 7.51%, with VA loans offering lower rates around 6.30%​​.
2. Economic Factors: Rates are shaped by macroeconomic factors such as the Federal Reserve’s policies, inflation data, and job reports. Positive economic news can lead to higher rates as investors move money into the stock market, whereas negative news can cause rates to drop as money moves into bonds​​.
3. Types of Loans:
   • Conventional Loans: Typically around 7.51% for a 30-year fixed rate.
   • VA Loans: Approximately 6.30% for veterans and active-duty service members.
   • USDA Loans: Offer benefits like 100% financing and lower interest rates for rural and suburban areas.
   • Jumbo Loans: For larger loan amounts, often with slightly higher rates due to the increased loan value​​.
4. Loan Specifics: Your credit score, loan term, down payment size, and the specific loan program you choose can all influence your final rate. Higher credit scores and larger down payments typically result in lower rates. Shorter-term loans, like a 15-year fixed-rate mortgage, often have lower rates than longer-term loans​​.
5. Rate Locking: Once you have an accepted offer on a house, it’s advisable to lock in your mortgage rate to protect against potential increases. This lock can range from 30 to 60 days, depending on your closing timeline​​.

For the most accurate and up-to-date mortgage quotes tailored to your specific criteria, including credit score and loan type, visit https://emortgages.com/rates/. For personalized advice, contact Jehoshua Shapiro at 707-235-2812 or via email at js@emortgages.com.

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