Are the best Orange County mortgage interest rates gone forever? The answer to this question depends on whom you ask, if you bought a house 20 years ago, you may remember mortgage interest rates that were over 15% but for those homeowners who have only owned their homes over the last few years, any mortgage interest rate that’s over 10% seems excessive.
The mortgage interest rate for a 30-year mortgage loan rose this week to 3.53% and the mortgage interest rate for 15-year mortgages rose as well and according to Frank Nothaft, the Chief Economist with Freddie Mac, it looks like the all-time low mortgage interest rate is gone forever.
Don’t Wait To Refinance
Even though mortgage interest rates are still near their historic lows, Mr. Nothaft recommends that homeowners don’t wait to refinance their homes because, mortgage interest rates are not expected to go lower, especially as the economy continues to improve across the United States.
Besides Frank Nothaft’s opinion on mortgage interest rates, Greg McBride, an economist with Bankrate.com said in a recent interview that he expects mortgage interest rates to stay around 4% for the entire year and that’s assuming that there are no other major changes to the United States economy.
Home Prices Going Up Too
Besides low Orange County mortgage interest rates, Nothaft and McBride also predict that housing prices will continue to rise in 2013 and maintain their great gains that they’ve made over the last year so it’s going to be another great year for Orange County residents or homeowners across the United States who have been thinking of buying or selling their Orange County homes.
To learn more about the latest mortgage interest rates or to get an affordable quote for a mortgage interest loan, contact Sun Financial Group today by calling (949) 699-1950.
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