Friday, October 7, 2011

Terrific Mortgage Loan Rates Setting New Record Lows



Mortgage loan interest rates on 30-year fixed-rate home mortgages dropped below 4 percent (to 3.94 percent with average of .8 point) this week for the first time (according to Freddie Mac GSE and its Primary Mortgage Market Survey).

Rates on 30-year fixed-rate mortgages have never been lower (according to Freddie Mac, U.S. government supported enterprise) records dating to 1971.

Fannie Mae (GSE) economists projected:

  • Mortgage rates will stay below 5 percent through 2013
  • Purchase money loan demand will more than double in the next two years
  • mortgage purchase loans will total $394 billion this year, which is down 16 percent from last year 
  • no current upward pressure on mortgage rates
  • 30-year fixed-rate loans will average 4.2 percent during the final quarter of 2011 and stay there for the first half of 2012 
  • gradual rise in rates for 30-year fixed-rate loans, to 4.4 percent during the final three months of 2012 and an average of 4.6 percent during 2013.

Mortgage Rates being quoted by private mortgage brokers here at Orange County CA include 3.75 percent for a 30 year fixed conforming loan to $417k with one point.

Question is - with current economy situation and high unemployment - whether people will be qualified enough to take advantage of these fantastic mortgage loan rates for home purchase or refinance.


HARRISON K. LONG - REALTOR® and broker associate, GRI - Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - (email) - CA DRE #01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs® - now serving as an appointed director at California Association of REALTORs® - also a lawyer licensed by the California State Bar, member #69137.

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Professional REALTOR® agent representation and help for administrators and executors, probate and trust attorneys, estate planners, income tax professionals, fiduciaries, trustees and heirs, with listing and sale of trust and probate estate properties at Orange County, CA 

Source of some information is Inman News.  This is for information only and not the providing of legal or tax services.  We don't do mortgages.  If you are at Orange County, CA, I recommend you contact Tim Sibley, professional mortgage broker, First Capital Mortgage, Newport Beach, CA - 949-718-1511.

Contact us about listing and selling of HOME AND PROPERTIES at ORANGE COUNTY CA REAL ESTATE.  

Posted via email from Explore OC Homes


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