Whatever Happened to Costa Mesa Mortgage Rate Anxiety?
When you are planning to sell your Costa Mesa home, the latest interest rate gyrations can become a worrisome element in your planning. Last week’s news should provide a measure of anxiety relief.
Back a year or two ago, when almost all the credible financial voices were united in predicting that Costa Mesa’s historically low mortgage interest rates would soon be moving back up into more familiar territory, the effect was to prod buyers to get busy. Costa Mesa sellers took note, as well.
Everybody knew that the imminent rate rises could make all the difference between a doable monthly mortgage payment and a budget-breaker. Frequently cited were examples like the one pointing out the difference that a single point could make on a typical $350,000 mortgage payment: more than $200 a month. There was extra pressure on some home loan applicants whose incomes were deemed sufficient at the original rate: they might be declined if rates rose.
As is now amply evident, those interest rate worries turned out to have been surprisingly wide of the mark—or at least severely premature. Last week’s news provided renewed reason for Costa Mesa home buyers and sellers to put aside their mortgage rate anxieties for the moment. On Wednesday, the Federal Reserve reinforced their decision to hold the benchmark interest rate steady at the previously stated target range of 2.25% to 2.5%—which translates into a continuation of today’s temptingly low Costa Mesa mortgage rates.
For Costa Mesa mortgage rate watchers who remember that the March announcement included worries about a slowing economy, Wednesday’s pronouncement that economic activity “rose at a solid rate” is another indication that even the Fed’s governors have been surprised at the strength of the economy. For Costa Mesa buyers and sellers, that’s exactly the kind of backdrop that encourages home buying.
This spring continues to deliver a letter-perfect backdrop for anyone primed to launch their own Costa Mesa real estate initiative—both sellers and buyers. That makes it prime time to 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 info@thel3.com
