Freddie Mac just released the results of it's survey of 30-Year Fixed Rate Mortgages for the week ending December 18, down to 5.47% with a 0.7 point. Rates have never been lower since they started producing the survey in 1971.
In the Orange County real estate market, rates are even lower. A quick scan of Orange County rates at e-rate.com shows multiple lenders offering conforming loans below 5%, with the lowest being 4.706% with 1.379 points, or 5% with no points.
What does that mean in practical terms? Imagine owning the 3,000 square foot home on the golf course in Coto de Caza, currently owned by the bank as seen here, for less than $3,400 per month (assuming a 20% down payment on the newly reduced price of $779,900). Expect the deals to start popping.
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