Applications for new loans and refinancing have been on the rise. The experts don't want to declare that the market is recovering in Mission Viejo until we are several months into it. They do the same thing when we have a recession, they tell us after we are well into it.
Freddie Mac, a government-backed corporation that provides mortgage capital to lenders, stated a week ago that the interest rate for 30 year fixed rates was averaging at 5.07, down from 5.14 percent a little over 2 weeks ago and 6.35 percent a year ago. This is good news for home buyers and it helps the economy as well.
Freddie Mac chief economist Frank Nothaft said that "Low mortgage rates are helping to keep housing very affordable".
Housing prices are holding in Mission Viejo at this point because loans are harder to get than 2 or 3 years ago. Requirements a tighter but it is do able. Making sure to get loan approval before searching for a house is the best advice I could give to any buyer thinking of getting into the market. It will save you a lot of heartache and stress to be prepared first. They are either up or down!!!!!
Freddie Mac, a government-backed corporation that provides mortgage capital to lenders, stated a week ago that the interest rate for 30 year fixed rates was averaging at 5.07, down from 5.14 percent a little over 2 weeks ago and 6.35 percent a year ago. This is good news for home buyers and it helps the economy as well.
Freddie Mac chief economist Frank Nothaft said that "Low mortgage rates are helping to keep housing very affordable".
Housing prices are holding in Mission Viejo at this point because loans are harder to get than 2 or 3 years ago. Requirements a tighter but it is do able. Making sure to get loan approval before searching for a house is the best advice I could give to any buyer thinking of getting into the market. It will save you a lot of heartache and stress to be prepared first. They are either up or down!!!!!
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