Falling Interest Rates Help San Diego Foreclosures Sales
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Published: Monday, March 30, 2009
Freddie Mac released its Primary Mortgage Market Survey (PMMS) this week, listing the traditional 30-year fixed mortgage at 4.85%. This is down over one percentage point from the same time last year, where the 30-year fixed averaged 5.88%. According to Freddie Mac, the 30-year fixed has not been lower in the nearly 40 years they have been publishing their weekly survey.
Buyers wanting to build equity faster can also find favorable rates among the other mortgages available with 15-year fixed rates hovering around 4.5% and five-year hybrid ARMs listed just under 5%. Again, these are record low mortgage rates since industry watchers began keeping track of non-traditional loans in the early 1990s.
For buyers who have been waiting to enter the market, this is fantastic news! While market prices among San Diego bank homes have steadily fallen over the past two years, interest rates have been slow to follow, keeping many quality foreclosure listings out of range for some buyers. Lower interest rates however mean more buyers will qualify for mortgages and in today's San Diego foreclosures market, that means more opportunity for finding the perfect home for you and your family.
Escondido foreclosures continue to be a great market for first time home buyers and with today's interest rates, young families or up and coming singles can expect to pay $1,250 for a single family home with 3 or four bedrooms. Condo lovers will love today's rates when shopping for an Escondido bank owned condo, as they can find dozens of bank owned homes under $100,000 with payments under $500 per month.
Executive living in El Cajon has never been more affordable either. The current mortgage rates translate into house payments under $2,400 on El Cajon foreclosures in the best executive neighborhoods and many El Cajon bank homes fall under the "jumbo" mortgage category ($417,000) for the first time. Buyers wanting to be closer to the coast can find similar mortgage savings among Oceanside bank homes and Carlsbad foreclosures.
For information on how you can cash in on bank owned bargains now, before interest rates begin to climb, contact Richard Elias today at 1-800-474-1919. He will schedule a personalized showing of the best San Diego foreclosures and offers expert help finding the bank owned bargain that is right for you.
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About this Page: Interest rates continue to fall, creating new opportunities for home buyers among San Diego foreclosures. Richard Elias explains what the rates mean to you.
Falling Interest Rates Help San Diego Foreclosures Sales
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