Mortgage rates abruptly dropped last week after the Fed unveiled a third round of large-scale asset purchases known as quantitative easing or QE3. Although the dollar amounts announced today are smaller than QE1 and QE2, the Fed deviated from past easing announcements and opted for open-ended buying this time. Not only that, but the buying is exclusively in Mortgage-Backed-Securities (MBS), unlike previous iterations which have had significant Treasury components.
What all this means to real estate is that interest rates for mortgage loans fell and may continue that trend as long as the Fed keeps this up. Bottom line: This is a fantastic time to by real estate or refinance your existing home.
This Weeks Best Interest Rates
30 Year Fixed Rate Loan – 3.375%
15 Year Fixed Rate Loan – 2.625%
FHA/VA Loan – 3.625% FHA conforming loan amount is $362,000, but it is available up to $625,500 (loan amount may vary per county). Minimum requirement with 3.5% down payment.
Jumbo Loan
30 Year Fixed Rate Loan – 3.625%
15 Year Fixed Rate Loan – 2.75%
New Jumbo Conforming loan amount is up to $625,500 with 20% down payment
Interest rates vary day by day and hour by hour so check with your lender to see what the current best mortgage rates are.
Homes For Sale in North Orange County
Personalize your search and have access to over 100,000 homes for sale in your area within the Multiple Listing Service HERE
Our real estate listings are updated every couple of hours as they become available on the market through the MLS, Multiple Listing Service.
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