Mortgage Rates Hit New Low For The Year

WOW! Is all we can say about mortgage interest rates every time we turn on the news and see that it’s getting even more affordable for home buyers in Orange County to buy homes.

As of January 2015 the current mortgage interest rate for a 30-year fixed mortgage loan fell to a shocking 3.8%.

This is the lowest we’ve seen mortgage interest rates fall since May 2013.

The result of lower mortgage interest rates has also created an increase in refinancing activity as refinancing applications have risen by close to 15 percent in recent weeks by homeowners who want to save money off their mortgage payment.

Great Time to Buy a Home Now

Besides awesome mortgage interest rates, many lenders including: Freddie Mac and Fannie Mae have loosened their lending standards, and now you can easily get a mortgage loan with a down payment as low as 3%, depending on your credit.

Mortgage Interest Rates Will Increase

Although it’s nothing but good news for mortgage interest rates now we can expect to see mortgage interest rates to increase slightly by this summer.

What does this mean for home buyers?

If you want to buy a home in Orange County within the next 6 months you should get pre-approved for a mortgage now so you can lock in an affordable mortgage interest rate.

To learn more about mortgage interest rates, or to view Orange County homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125.

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