Mortgage Rates in Costa Mesa Get Positive Spin for a Change
The national press has fallen into the habit of treating almost every piece of news dealing with U.S. real estate as an all-too-predictable blow to the economy. Last week provided a welcome break in the pattern, as area residents who’ve been following mortgage rates in Costa Mesa found little to gripe about. CNBC’s headline, “Mortgage rates fall for the third straight week…” was a good example. Interest rates for 30-year fixed-rate conforming mortgages had again decreased following the Thanksgiving pause—and by emphasizing the continued trend reversal, reporters had highlighted the rosiest detail in a pack of mixed data.
The number of mortgage applications was a good example of how glasses could be reported as either half-full or half-empty. Yes, mortgage applications for home purchases did gain momentum, growing 4% over the previous week’s total—but that also constituted a hefty decline from a year ago. Yes, new fixed-rate mortgage interest rates did fall below 6 ½% for the first time in a while—but the rates remained at levels that had many of this season’s buyers planning on eventual refinancing.
The Wall Street Journal sidelined the whole discussion, opting to report on consumers who were “pressing the pause button” on home buying. Many were choosing to participate in the SFR (Single Family Rental) market. According to the Journal, home builders consider this one of the fastest-growing sectors in real estate. At $4.4 trillion, the built-for-rent sector now accounts for 11% of new construction—up from a 3% average over the past several decades. One economist for the National Association of Home Builders predicts that the percentage will soon grow to 15%.
There is little doubt that mortgage rates in Costa Mesa were major factors in stoking the leap in local property values and that they are every bit as significant in their return to more normal (and sustainable) advances. If you are curious about your own Costa Mesa home’s current profile in today’s market, call us anytime for a thorough readout on comparable returns!
We are built on a philosophy of Heritage & Hustle. The 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 is to provide trusted, convenient, responsive service to ensure clients enjoy their real estate experience. The 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, The L3 has grown to a full staff of 25 serving over 300 clients a year. The L3 is not limited to serving just its clients; it is also committed to serving the community. Not only has The 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 The 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 The L3 today at 714-444-4663 or email us at info@thel3.com
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