For the last two months, real estate mortgage interest rates have been in a slow free fall from their highs of 4.65% for a 30-year fixed rate in June. The rates shot up dramatically when the Federal Reserve made it clear that there would be an end soon to its support of the market. However, since that time, and after an announcement to delay the tapering of bad mortgage purchasing by the Feds, rates have dropped to their current average of 4.25%. This seeming paralysis in rate growth is a good thing for both buyers and owners, however.
Those hoping to refinance have been given a respite by the drop, allowing them still a chance to grab a low rate as their property value rises with the market. Those buying can still get a historically inexpensive loan for a new home purchase as well.
Mark & Sheela Hunt have been in the business of representing clients buying and selling real estate in Santa Barbara for years, so they are quite in tune with market changes as they occur in the Southern California region. With the rate pullback, there’s an opportunity for grabbing a real good financed purchase. Give them a call if considering the Montecito or Santa Barbara area, www.montecitoandsantabarbarahomes.com and www.montecitobestbuys.com.