On Wednesday, September 19th California mortgage rates inched even lower in comparison to Tuesday's already low rates. Lenders are giving the most competitive rates possible in order to beat out the competition. For many lenders including Prospect Financial Group, Inc. the best execution rate is at 3.375% for a 30 year fixed-rate mortgage. Some lenders have less of an advantage while their rates remain at 3.5% and are not in line with the competition.

The rates are continuing to drop in a direct result of the Federal Reserve's Mortgage-Backed-Securities (MBS) Quantitative Easing (QE3) plan that took effect last week. The Federal Reserve is buying a larger number of MBS than previously, which has had a positive effect on the market. As prices move up, interest rates move down.

While rates have moved dramatically lower since the MBS QE3 took effect last week, we encourage you to take advantage of these rates while they last. Better than guessing how much lower rates will get or how long they will remain this low, speak with a mortgage professional today to get an exact rate quote. Call us at (858) 605-0952 for a free, no obligation quote and to talk about locking your rate today or visit us online to apply.