Real Estate August 16, 2011

Interest rates hit all-time low!

Over the past week mortgage interest rates hit an all-time low, yes all-time! Here are some of the products that have currently been offered by some of Santa Barbara’s local lenders: 2.875% 5yr ARM, 3.5% 15yr fixed, and 4.125% 30yr fixed – for loans up to $417,000; 3.125% 5yr ARM, 3.75% 15yr fixed, and 4.25% 30yr fixed – for loans up to $729,750.

If you are looking to purchase a home or refinance please contact me to find out which lenders are offering the best current rates.

When interest rates start to rise the housing market historically follows suit. Due to the now lowest mortgage interest rates on record, the Fiserv Case-Shiller Indexes are predicting a strong 2012 housing market with increased prices in many areas by early in the year. Full swing price appreciation is predicted for 95% of all metro areas by the first quarter of 2013.

One thing is certain. Santa Barbara area real estate is more affordable than it’s been in a very long time. I look forward to hearing from you to assist in searching the many great opportunities.