Interest rates took another downward turn last week, making home affordability the best it’s ever been for buyers in Santa Barbara and across the nation. Rates have continued to find all-time record lows amid easing bond yields following June’s lackluster employment report. Both the average 30-year and 15-year fixed-rate mortgage hit new lows. At the week’s end Freddie Mac released the results of its Primary Mortgage Market Survey showing that 30-year fixed-rate mortgages averaged 3.56 percent and 15-year fixed-rate mortgages averaged 2.86 percent with an average 0.7 point fee.
Have you been waiting for the right time to purchase a home? With regard to affordability there has never been a better time than now. I appreciate your inquiries and look forward to helping you find the very best opportunities Santa Barbara has to offer.