2012 Will Continue To See Record-Low Mortgage Rates
Slow housing recovery will continue trends of low housing prices and interest rates
Posted on January 03, 2012 by Matt.
According to a recent article in the Los Angeles, potential homebuyers who are interested in San Clemente real estate have a lot to look forward to in 2012. The article, "Low mortgage rates likely to continue through 2012, experts say," claims that due to the slow recovery of the housing recovery, home prices and mortgage interest rates will remain low throughout the next year. Over the past couple of months, 30-year fixed mortgage rates have been hovering at or below 4%, which is the lowest level seen since Freddie Mac began tracking mortgage rates over 40 years ago. In fact, last week the average mortgage rate for a 30-year fixed loan was 3.95%, which is simply stunning; according to the article's attempt to create some context for these historic rates, the average 30-year rate twenty years ago was more than 16%, and the rate was typically above 8% in the year 2000. To put it simply, these low mortgage rates have rarely been seen in the U.S. housing market, and they don't appear to be going away anytime soon; this past year saw an average 30-year fixed rate of 4.45%, and Freddie Mac is predicting a 2012 average of 4.5%.
With low mortgage rates and housing prices, now may be the perfect time for you to consider purchasing a San Clemente home or San Clemente condo. Since the holidays are now behind us, the San Clemente real estate market will slowly begin to pick up again; there are currently 276 houses and condos on the San Clemente market, and this number should increase as the spring and summer months approach. If you would like more information about San Clemente real estate, please do not hesitate to contact us.