Are mortgage rates done decreasing in the OC?
Experts agree, one of the reasons why real estate in Orange County has been doing well during the first half of the year is partially because mortgage rates have been historically low. In fact, according to the latest July 2012 report from DataQuick, this was the best-selling first half of the year Orange County has seen since 2006. But can homebuyers expect mortgage rates to continue to dive?
The Orange County Register states that the decrease in mortgage rates have halted, at least for now. As of August 2nd, a borrower would pay about $200 a month less than he or she would on a $200,000 mortgage a year and a half ago. However, Freddie Mac's latest weekly survey of U.S. home loan rates shows mortgage rates may not remain so low. Cheaper mortgage rates have facilitated a modest housing recovery this year, but home prices have started to rise in a majority of cities, the Associated Press reports.
Only time will tell if mortgage rates will remain low in Orange County, but all in all, it seems that now is still a good time to invest in property in the area.