Interest Rate Update

Interest Rate Update

Interest rates continue to remain low. There is a chance rates could even go lower if the current administration has their way. Lower rates will help heal the housing market which helps the economy.

30 Year Fixed up to $417,000	3.50% to 3.75%
30 Year Fixed "Agency" up to $625,500	3.75% to 4.0%
30 Year Fixed FHA up to $417,000	3.25% to 3.50%
30 Year Fixed FHA "Jumbo" up to $729,500	3.50% to 3.75%

No Doubt About It


No doubt about it. It is definitely time to buy a home. Case-Schiller index reported once again a strong increase in home prices nationwide. Here in Southern California prices are up over 10% from a year ago and more in certain areas. We are all seeing the results of a strong demand for housing coupled with a lack of inventory. That makes for a perfect storm of increasing prices.


How Does This Affect You ?


I have spoken to several buyers who have been unable to get offers accepted in this crazy market. A couple of them are thinking of giving up looking for a home to buy until the market sta-bilizes and more inventory becomes available. My opinion is that would be a mistake. Yes the market will stabilize at some time but at what price point. Waiting could only increase the prices to be paid later. I believe it is better to buckle down and keep making offers and keep looking. Based on the latest report, prices are still moving upwards.