Interest Rates at Historic Lows

This week’s  July 5-July 9 Freddie Mac survey showed the 30 year fixed  mortgage interest rate average at 4.57%, down again from last week’s low of  4.58%, according to the California Association of REALTORS.  Borrowers will need to put 20% down and pay 0.7% of the loan amount in fees to obtain that rate. This is the lowest interest rate average in 39 years. Consider too the California Homebuyer’s Tax Credit of $10,000 is still in effect, although reports suggest the funds for the credit are about 80% depleted and time is running out.  With home prices still at exceptional values, but indications that the market–at least in Orange County–has bottomed, one has to wonder: what are buyers waiting for?