4.5% was the average rate on a 30-year fixed loan offered by lenders one year ago today – see article from that time – Mortgage rate watch report for December 28, 2013.
Average payment on a $417k conforming loan one year ago was $2,113 per month.
3.75% is the average rate offered by lenders on a 30-year fixed loan at Orange County today on December 29, 2014 (for those who qualify) – see article – Mortgage rate watch report for December 28, 2014.
Average payment on that same $417k conforming 30-year fixed rate loan is now $1,930 per month (for those who qualify).
So a monthly payment on that $417k loan now will save a homebuyer $183 per month on payment as compared with same loan and time last year.
What this means is that prospective homebuyers should get organized, qualified or pre-approved with a lender, and move forward with decisions to buy now!
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