On Friday, Costa Mesa’s real estate outlook ended the busy month with a genuine surprise—one that could well augur an extension of Costa Mesa real estate’s traditional peak selling season. The news was significant enough to move from financial sections to front pages and bottom-of-the-screen crawls on cable channels. Atop the Mortgage News Daily broke the story:
“Mortgage Rates Drop Well into the High 3’s”
Even local residents who rarely pay attention to the nuts and bolts of Costa Mesa real estate matters would likely have done a double-take at the “3’s” in that news flash. The “low home loan interest rate” phenomenon has been old news for quite a while, but those historically low rates have hovered in the 4’s since 2017. Since even tiny changes in mortgage rates translate into big savings for home buyers (so, too, for sellers), breaking back down into “3” territory could prompt a change of plan for both groups.
MND’s announcement that “Mortgage rates were decisively lower” was corroborated by reports that in some regions the most credit-worthy applicants were “now easily seeing quotes of 3.875%.” Another article pointed out that the dip constituted the lowest level in 16 months, while another described a wider improved real estate outlook “as we enter a low-interest rate environment.”
Since most Costa Mesa real estate observers would have thought we were already in such an environment, the further movement was both truly unexpected and definitely welcome. Whether or not it will nudge fence-sitters into action remains to be seen, as is the longevity of the phenomenon—although most commentators expect it to persist. In any case, if your own Costa Mesa real estate plans have you thinking about taking advantage of this buyer- and seller-friendly environment, I hope you’ll give us a call!
We are built on a philosophy of Heritage & Hustle L3 is a full service real estate agency with a regional office located in the heart of #CostaMesa, offering a wide-array of custom services to meet their clients’ needs with roots in the community since 1976. It’s L3 mission to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. L3 was originally formed to offer personal, concierge-level service as an alternative to the large, nationally based real estate companies. From its small beginnings of only two employees, L3 has grown to a full staff of 20 serving over 300 clients a year. L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has L3 donated hundreds of hours to many area charities, they have also received the prestige of being named one of the #toprealestatecompaniesinCostaMesa If you’re interested in #buyingorsellinginOrangeCounty, turn to the experts. Turn to L3 and let them help you make your real estate buying or selling dreams come true. For more information or to get started on finding or selling your home contact L3 today at 714-444-4663 or email us at firstname.lastname@example.org