Why the Latest Costa Mesa Mortgage Rates Still Incent Buyers
Last Wednesday and Thursday’s stock market nosedive had analysts debating whether the Fed’s hike in interest rates was to blame. Since Costa Mesa mortgage rates are likely to also be affected, local selling-minded homeowners might well have begun to wonder whether we are headed into a less-than-favorable selling environment.
If so, would listing your home now make sense? Would holding out until lower Costa Mesa mortgage rates reappear be worth the wait? The benefit to potential buyers would be immediate: more affordable monthly payments for the same asking price.
Ultimately, the answer to that timing question will always be uncertain, but one clue can be found in the history of mortgage rates in recent decades. According to the Freddie Mac’s mortgage rate archive, that history leads to an unambiguous conclusion:
30-YEAR MORTGAGE INTEREST RATE AVERAGES
2000s: 6.29%
1990s: 8.12%
1980s: 12.7%
1970s: 8.86%
Putting it all together, the previous 40 years produced average mortgage interest rates just shy of double digits: 9.9%, to be precise! Even after the latest Federal Reserve action, last week’s national 30-year rate “jump” was to only 4.9%. With Costa Mesa mortgage interest rates currently at less than half of what U.S. home buyers have been willing to pay in past eras, it turns out that we are still in the midst of a decidedly friendly environment for buyers—which makes it seller-friendly territory, too.
There can be many reasons why a homeowner may decide to put off listing their home, but today’s Costa Mesa mortgage rates shouldn’t be one of them. We are happy to offer a no-obligation rundown on the outlook for this fall’s market—and how your property might fit into that picture. Call us if you’d like to chat!
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
