30 Year Mortgage Understanding – San Clemente Realtors

San Clemente Realtors say, the past several months have found mortgage rates on all kinds of mortgages (fixed and adjustable rate) falling to levels unseen since the latter part of 2013.

New News – San Clemente Realtors

San Clemente Realtors say, falling mortgage rates are welcome news as loans are getting cheaper with regards to monthly payments and total interest owed over the life of the loan.

What is incredible is that mortgage rates to a 30-year fixed loan are getting close to the magic 4% threshold.

Latest Data

San Clemente Realtors say, according to the latest mortgage data from CNN Money, the average interest rate to get a 30-year fixed mortgage is 4.08%

For buyers looking for a shorter term mortgage that can afford the higher monthly payments, the 15-year rate is also down 3.17percent versus last week’s 3.23percent interest rate.

The current interest rate for a 5/1 ARM is 3.3%, and you simply have this low rate for five years versus the 15 about the fixed rate loan.

When Buying

Purchasing a San Clemente home or San Clemente condo is always a good investment.

Although, these low interest rates make buying one in today’s market an even better choice for buyers looking to finance their real estate purchases.

As the economy continues to increase, we’ll see mortgage interest rates begin to rise back into the 5 percent range, perhaps by the end of this year.

If you are still on the fence about purchasing your new San Clemente home, don’t wait too long or else you may miss these great mortgage deals.