Mortgage Rates Drop to New Lows

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Real Estate Agent with Seven Gables Real Estate BRE 01727426

Thirty-year fixed-rate mortgages (FRMs) have been under 5 percent for 23 weeks in a row, according to data gathered by Freddie Mac. This week, the GSE reports that the average 30-year rate fell again to break the survey's all-time low, hitting 4.19 percent (0.8 point). Last week, it was 4.27 percent.

The 15-year FRM this week averaged a record low of 3.62 percent (0.7 point) in Freddie's study, down from last week's 3.72 percent.

"The Bureau of Economic Analysis estimates that homeowners held an average effective mortgage rate of 6.07 percent in the second quarter of 2010," Nothaft said. "By refinancing into this week's 30-year fixed-rate mortgage, the average homeowner could save over $230 a month in principal and interest payments on a $200,000 loan balance."

What does this mean? Stop worrying about timing the bottom of real estate pricing. With interest rates at historical lows and plenty of well priced inventory to select from, it's the perfect time to lock into a 30 year real estate investment.

Seven Gables Real Estate

License #01727426

www.TheOCExperts.com

www.OCMarketUpdate.com (blog)

Direct: 714 276-7006

Fax: 714 917-2293

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Orange County California Market Update