Need Good News? Ask Freddie.
Credit luck, fate, or the U.S. government. But our friend Freddie Mac has fantastic news for homebuyers. It appears the honchos there have just completed an in-depth survey of mortgage rates. And here’s what the Big Fred has to say about the topic:
Averages for both 30-year and 15-year fixed mortgages have dropped to record lows. Also dipping to record levels was the 5-year ARM. In this past week alone, the 30-year variety averaged about 3.53%. Compare that to last year’s much beefier rate during the same time period – 4.52%.
Anybody who’s ever crawled into a bank in search of a mortgage loan knows what a difference even a miniscule quarter percentage point can make. Over thirty years, that microscopic margin can equate to a small fortune. Better in your pockets than the bank’s, right?
Understandably, the super-low rates have kicked this summer’s housing demand higher than it’s been in eons. The story’s in the stats: New construction for single-family homes rose for the fourth straight month in June, hitting its strongest pace since April 2010. Homebuilder confidence was equally robust, rising for the third month in a row in July.
Unless you happen to be the proud owner of a fully functioning crystal ball, it’s hard to know how long this rose garden will stay in bloom. But the juicy mortgage rates are here for the taking now. And they’re creating a gold mine of opportunities for buyers of L.A. homes.
If you’d like more info about current interest rates and how they can impact a new home purchase, feel free to contact me directly. Or just fire your questions or comments into the box below. There’s always a vacancy.
And, of course, if you want to be connected to the latest info and opportunities in the Beverly Hills real estate market, I’m ready to make it happen. Call or email today.
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