Did you know that interest rates on mortgages fluctuate almost every day? There are some days that the interest rates don't move. Other days that they fluctuate quite a bit. Recently we had Interest Rates at Record Lows - 3.49% for a 30 year fixed. We also had a guest on our Santa Clarita radio show talking about interest rates maybe dipping below 3%. That would be incredible for buyers in the Santa Clarita real estate world.
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Rates may be going up but don’t panic. Data shows that rates have now risen slightly over the past three weeks and while may may be feeling like they have missed the boat for taking advantage of exceptional affordability levels this is not the case. Consider the fact that a year ago rates were averaging around 4.15% for a 30 year fixed rate loan, today’s rate of 3.62% is a very good rate.
A few weeks ago rates hit a historic low of 3.38%, and incredible opportunity for anyone who qualified. 3.62% still offers exceptional affordability, adding to low home values and certainly adding incentive to home buyers around the country. Loans have loosened up, although they are certainly more intensive to secure than they were in the height of the heyday.
While rates may be climbing they appear to be doing so at a snail’s pace which is good news for any buyers who were holding out for signs of an absolute bottom. It’s a great time to invest in real estate, whether for a primary residence or a rental property. Contact your local REALTOR today to learn more about current market conditions and recommendations for reputable lenders.
Santa Clarita real estate daily had just been posted for the cities that compose the Santa Clarita Valley. You can also check on the Foreclosures and new inventory by checking out our Santa Clarita foreclosure expert website.