As you may or may not know you mortgage rates on homes for sale in Encinitas have seen some record lows. These low mortgage rates on homes for sale in Encinitas have seen a sizable increase on demand for mortgage loans.
In surveys that were conducted by the Mortgage Bankers Association and Freddie Mac, demand for purchase loans were seen to be up 5% from the same period in 2011. Across the country a 30-year fixed-rate mortgage has an average percentage rate of 3.40, which is down from 4.01% just a year ago. Currently rates on a 30-year loan for Encinitas homes are at 3.32%. This is a record low for Freddie Mac dating back to 1971.
For a 15-year fixed-rate loan averaged about 2.73%, which is down from a year ago when the rates were averaging 3.28%. For Freddie Mac these rates have set a new low not seen since 1991. As of this writing the average rate in Encinitas for a 15-year fixed rate is 2.75%
Additionally, the Federal Reserve announced in mid-September that it would increase their purchase of mortgage-backed securities from Fannie May and Freddie Mac to $40 billion per month in its third round of quantitative easing. The announcement by the Fed has helped to push mortgage rates lower and lower to increase the purchase of new homes, and it helping to support a housing industry already in recovery.
If you want to take advantage of these low rates contact an Encinitas real estate agent today to find an Encinitas that you can call your own.