In our rush rush liyestyle, it may be easy to lose perspective on the nature of the home buying market in North Orange County. But if you pay attention to daily headlines and hear financial news stories you may of heard that interest rates are at rock bottom record lows!
As of 6/27/2012 mortgage interest rates are as follows:
30 Year Fixed FHA and Conventional = 3.625%
15 Year Fixed is still at 2.875%
5/1 Adjustable = 2.875%
30 Year Fixed = 4.375%
5/1 Adjustable = 3.25%
In fact, there has rarely been a better time for qualified buyers to purchase a new home for a variety of reasons:
- Huge selection of homes for sale. Standard Sale, Short Sale or Foreclose
- Home prices have leveled in many areas
- Homes are on the market longer so you have more time to make a choice
- Sellers and buyers are negotiating again
- It’s a buyers market in many areas so you have more power
- Quality homes are being sold again
- There are many standard sales. No waiting or dealing with banks
- Homes are a proven long-term investment
- And perhaps most important … mortgage rates are still near historic lows…
The national yearly averages for interest rates on 30-year fixed mortgages continue to be at near record lows since these rates have been tracked beginning in 1972. Interest rates actually reached over 16% in the early 1980’s! Having a low interest loan allows buyers to purchase more home for their money.
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Current Homes For Sale in North Orange County
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