Mortgage rates continue to decline | Irvine Real Estate | Irvine Homes for Sale

by Robert Mack on January 11, 2011

in Buyers, Latest News

Mortgage rates declined for the second week in a row, dropping to 4.58 percent, according to Zillow.com, which has been tracking mortgage since April 2008.

A week ago, the average rate on a 30-year, fixed-rate mortgage was 4.6 percent.

The average rate for a 15-year, fixed-rate mortgage is 3.95 percent, down from 3.98 percent a week ago. For a 5-1 adjustable-rate mortgage, the average rate is currently 3.14 percent, down from 3.23 percent a week ago.

Just when we think it won’t get better, interest rates fall again to the mid 4’s. It feels weird saying mid 4’s when we all know that even in the 6’s, we are better off than most other areas! Stop standing on the sidelines and take advantage of these great rates….you could save hundreds of dollars per month just by having 0.5% less of a monthly interest rate!

Posted on Irvine Orange County Real Estate Market News

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Post by Robert Mack

Robert has written 727 articles.

{ 2 comments… read them below or add one }

Mohd May 20, 2012 at 12:57 pm

I just bought a short sale for the litesd price. What the real estate agent is referring to is, in a short sale, the lender usually waits to see if any higher offers come in. In some cases they do, in my case they didn’t. It can go either way but, regardless, the wait can be nerve racking for the buyer.

Robert Mack May 24, 2012 at 5:57 pm

Short sales can definately be nerve racking, simply due to the amount of uncertainty invovlved. In almost every case, the short sale lender relies on the listing agent for any offers submitted, which means that what you are referring to may simply be an issue caused by the listing agent, which in your case, you didn’t have to deal with. Most banks only want one offer to review, and all others will stay in back up position just in case the first buyer cannot perform or doesn’t have the patience to wait for short sale approval.

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