Gene Perez Your Real Estate Consultant, Santa Maria Homes: Santa Maria Loans - Mortgage Interest Rates Fall/Not many homes to sell

Santa Maria Loans - Mortgage Interest Rates Fall/Not many homes to sell 

Interest Rates for Home loans rates fell last week to their lowest level in nearly six months. On the average, 4.83% for a 30-year fixed-rate mortgage, down from 4.9% two weeks ago, according to the Mortgage Bankers Association.

But even though interest rates for home loans have come down so much, applications for home loans have fallen for six straight weeks. The index that measures mortgage applications for home purchases also fell 8% from last week.

Refinance applications for home loans were also down 1.4% from last week. Refinance applications accounted for nearly three in four total applications.

A forecast by Fannie Mae projects that residential mortgage originations will fall by 30% next year, as rising interest rates on home loans will lead to fewer re-financings, even as home purchases are expected to improve somewhat.

Mortgage rates regarding home loans have fallen even after Congress passed and the president signed an extension and expansion of the $8,000 tax credit for first-time home buyers. FHA-backed loans accounted for nearly half of all purchase applications last month, the highest level in nearly two decades.

All of this being said, with interest rates so low and single family residences prices low as well, it is a great time to buy a house.

If you have any questions about buying a home or a loans in Santa Maria, CA or on the Central Coast or other real estate related questions please contact me by visiting my website: http://geneperez.net

Buying or selling property in Santa Maria CA, or on the Central Coast, my goal is to provide you with resources you need. I can also help in getting the financing for your home.  If you have any suggestions or questions in how I can provide more or better information please let me know.  Gene Perez DRE 01321588