If you are a potential Downtown San Diego Condo investor or currently looking to refinance, now is a great opportunity to take advantage of historically low interest rates.
According the Wall Street Journal’s article “Why mortgaged rates are so low”, interest rates are nearing their lowest point on record. The average rate for a 30-year fixed-rate mortgage for a home in Downtown San Diego was 3.71 percent for the week that ended on June 14.
Interest rates themselves are determined by the policies of the Federal Reserve and the overall economies of the United States and other countries. The reason rates are so low now are a mix of investors moving into what they consider safe havens, and the fact that there hasn’t been adequate good news to push rates higher. Interestingly enough, home values are not going up as quickly as historic trends would dictate, even though prices seemed to have stop going down. Even with these facts, low rates will not last forever. The Mortgage Bankers Association forecasts the 30-year fixed-rate mortgage to end 2012 at a rate of roughly 4.2 percent.
Financing for a Downtown San Diego Condo or a Downtown San Diego Loft can sometimes be difficult. Why not make the process a little easier by taking advantage of the situation and getting the lowest rate possible?