Is Global Warming good for housing? As we move into the fall and winter months, the U.S. real estate market has continued to stay hot like the warm summer months. Like global warming, the recovery hasn’t shown any sign of slowing down which is good news for first time home buyers and homeowners who have been thinking about upgrading to a bigger Orange County home or buying a home somewhere else in the United States.
Best Time To Buy?
For those people who have been “sitting on the fence” waiting for the right time to buy,now is an incredible time to buy a home and if you live in Orange County. Any Orange county Real Estate Agent worth their salt will tell you that it’s important to have an experienced Realtor on your side that is aggressive and persistent when it comes to dealing with multiple bidders in a real estate market that has been called a “sellers market”.
Current Mortgage Interest Rates
As of the last week of September, the interest rate for a 30-year mortgage loan is just 3.36 percent while the interest rate for a 15-year loan stands at 2.69%. What’s driving interest rates so low? According to Frank Nothaft, the chief economist for Freddie Mac, it is a combination of economic reports that have been weaker than expected and revisions to the Gross Domestic Product (GDP) that keep driving down interest rates.
Thanks to where the country stands economically and the work of the Federal Reserve to accelerate the economic recovery, more homeowners are jumping on refinancing their mortgage loans. Unlike in the past when an average homeowner opted for a 30 year loan, the many homeowners these days is opting for a 15-year mortgage loan so they can pay off their home loans faster and own their home outright sooner.
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To learn more about the current Orange County real estate market and whether it’s a good decision for you to buy a home now, us at Fred Sed & Associates today at (949) 272-0125 today.