Leslie Appleton –Young, VP & Chief Economist of the California Association of Realtors predicted this week that 30 year fixed rate conforming mortgages in 2014 will average approximately 5.5 %.
That is much higher than our current 4.25 % and much higher than last December’s low of 3.25 % .
So the trend is not our friend.
Find out what's happening in San Clementewith free, real-time updates from Patch.
As the FED hinted at an eventual pull back in their purchase of $ 85 Billion in Mortgage Backed Securities and US Treasury Bonds back in May of this year we saw mortgage rates spike about 1% and we can expect more increases, it's just a matter of when.
Don’t wait to purchase a home until rates rise and your purchasing power diminishes. Resale home inventory is on the rise so it is an excellent time to purchase a home.
Find out what's happening in San Clementewith free, real-time updates from Patch.
Call me and I will be happy to coach you on the savings available with the use of Adjustable Rate Mortgages with rates starting as low as 2.75 % fixed for 5 years !
Or, if you need help in searching for real estate (especially for rentals) or low-rate loans on the MLS , call or email me: 949-463-4111 ---- Debbie@DebbieFerrari.com and I will walk you through it.
