Do you remember when mortgage interest rates were above 15% (in the early 1980s)? I know that is a bit before the time of Gen “X” (also known as the “Millennials”). However, Brenda and I have been in the business since 1986 and since that time, we have seen fluctuations in home prices, lending practices, mortgage rates and so much more! We don’t remember ever seeing the stars lined up so perfectly for qualified California buyers. If you are interested in financing a purchase, take note of the following current rates.

As of Sunday, November 6th, 30 year home loan rates are averaging 4.08% and 15 year home loans are averaging 3.37%. 30 year jumbo home mortgage loans are down as well, averaging 4.49% and 3.73% for a 15 year loan. 3 and 5 year conforming adjustable rates are down as well, and 7 and 10 year rates have remained stable, while 1 year conforming adjustable rates have seen a slight increase.

These rates allow more buying power for clients interested in homes in the I-680/Highway 24 corrider, while rental prices continue to rise.

In this fall market, prices are down further than they are in the spring because there is less competition at this time of year. In fact, we bought our present home in the fall market. That happens to be a coincidence, but I CAN say that we would have paid more for our home if we had waited for spring.

Our point is, the smart buyers are actively looking for homes and making offers because they see that this is opportunity time. I don’t want to mislead you into thinking you can buy ANY house at ANY price because this is not the case, but if a seller is realistic and motivated to sell the house that YOU happen to like, you will do better now, than you will in the spring when there are more buyers competing for the nicer houses.

Remember, a house is not just a financial investment. It’s a lifestyle investment for your family – schools, neighborhood, where you make your memories, so if you can find that now, with these low interest rates, and know that you will live there for 5 or more years, then let’s sit down for a consultation and see if buying now makes sense for you.