The beginning of summer signals the start of the busiest home buying season of the year. With kids finishing school and daylight sticking around longer, home sellers are ready and willing to put their Irvine Homes and Condos on the market knowing that they will attract more attention now than in another time throughout the year. So far in 2014, home buying has been on the slower side, which is surprising considering how cheap it currently is to finance your Irvine Real Estate purchase.
A recent article in Realtor Magazine (“Mortgage Rates in a Falling Streak”) highlights the current downward momentum of mortgage interest rates. According to the article, nationwide average interest rates have fallen for 5 straight weeks and are now at levels not seen since October 2013. For a 30-year fixed mortgage (the most popular option with buyers utilizing financing), the interest rate averaged 4.12%, while the 15-year average rate was almost a point lower at 3.21%.
Home prices continue to rise throughout the country, and prices in the Irvine Real Estate Market are no different. The great thing is, due to the following mortgage rates, you can make up the savings through financing your home purchase while still getting great prices on homes. Even though Irvine housing prices have risen since the lows of 2011, there are still great deals to be found throughout the city. If you are a well-qualified potential home buyer interested in purchasing Irvine Real Estate, do not let the low rates pass you by; you are in a better position now than people who bought during the first few months of the year.
If you would like more information on homes for sale in Irvine, please do not hesitate to contact us. Happy hunting!