Freddie Mac Increases 15 & 30 Year Mortgage Interest Rates

Orange County Home Buyers who have been “sitting on the fence”, waiting for mortgage interest rates to go lower are literally kicking themselves today as it was announced that the 30-Year Mortgage Loan Interest Rate is now more than 3.5%; this is up from just 3.42% a few days ago.

The Time To Buy An Orange County Home Is Now

The increase in the 30-year loan mortgage interest rate is the first time that interest rates have gone over 3.5% since mid September 2012 and interest rates for 15-year mortgage loans also went up to 2.81% from just 2.71% the previous week, according to Freddie Mac.

Higher Rates Are Coming

Freddie Mac echoed what many people Orange County Mortgage Brokers already know in that as the economy continues to improve, mortgage interest rates will keep going up because; there will be more homebuyers on the market who are able to afford mortgage loans.

According to a recent Freddie Mac report, 2012 saw almost 400,000 new home sales and 2013 is expected to top last years numbers, this is good news for the Orange County Real Estate Market and it’s also a warning to potential homebuyers who have been waiting for better rates to come because, failing to wait for better Mortgage Interest Rates could cost the average homebuyer an extra $10,000 or more during the life of a 30-year mortgage loan.

Opportunities For Buyers With Excellent Credit

As of January 2013, many lenders are not offering loans to Orange County Home buyers that are almost 80% of a home or properties value; any Orange County Resident who is considering buying a home in this part of Southern California should shop around and get the best mortgage interest rate now while there is still home inventory left on the market for them to buy.

For an affordable Mortgage quote, contact Sun Financial Group today by calling Steven Williams at (949) 699-1950.