Shelter in 2020’s Storm: Costa Mesa Mortgage Rates
The unsettling events of the first half of 2020 have prompted some Costa Mesa residents to adopt a wait-and-see attitude—especially major decisions concerning Costa Mesa real estate. For most of the spring, it had looked as if June would be the month when more clarity would surface, starting with how soon Covid-19 restrictions would be relaxed. To some extent, that’s been the case—but many other momentous headline-grabbing events have intervened. Clarity about the future has been limited. Even so, throughout 2020’s roller-coaster ride, one key element of Costa Mesa’s real estate component has remained steadfast and encouraging: mortgage interest rates.
Last week, CNBC headlined, “Mortgage demand from homebuyers amazes again.” The “amazement” stemmed not just from the Mortgage Bankers Association’s report that the volume of buyer applications for home loans had risen 5% in the week: a full 13% above the same week in 2019. It was a volume upsurge that came in the face of rising mortgage interest rates. Albeit minor, any rise is normally something that depresses application numbers.
Explanations were forthcoming—much of it devoted to the pandemic phenomenon and speculation that renters were reevaluating the importance to their families of owning their permanent home base. Surveys also showed that Americans (undoubtedly Costa Mesa residents among them) had been saving more and spending less—savings build confidence, and confidence inspires homebuying. Consumer behavior seemed to be undergoing considerable change, favoring essentials over non-essentials—and “shelter” definitely belongs in the former category.
Even so, by Wednesday of last week, Mortgage News Daily left the speculation out of its lead headline, simply allowing its readers to draw their own connections: “Quarantines Lift, Mortgage Volume Explodes.” Following the Federal Reserve announcement on Wednesday afternoon, the previous interest rate increase also reversed with a vengeance. In fact, by noon on Friday, MND’s Facebook Daily Update could headline: “Mortgage Rates Below 3% For 1st Time Ever.” They did add “(But Not for Everyone).”
As summer begins, if you are considering buying or selling your own home, Costa Mesa mortgage interest rates are, in MND’s phrase, “right in line with the all-time lows.” To take advantage of the moment, we hope you’ll call!
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
