For the week ended December 3, interest rates on a 30 year fixed decreased to an average of 5.53% as compared to 5.97% the previous week and 5.96% a year ago.  On $700,000 financed for your San Clemente home or condo purchase, this represents a savings of almost $200 per month or over 4.5% from a year ago.  This represents an annual savings of almost $2,400 and over the life of the loan a savings close to $70,000. 

Rates on the decline is great news as more individuals will be priced into the market, which in turn means more sales, less inventory, and home prices eventually stabilizing given other economic conditions don't take over.  This is great news for San Clemente real estate and Talega real estate.

Here is a summary of other rates reported by Freddie Mac for the week ended December 3:

• 15 year fixed mortgage - 5.33% as compared to 5.74% last week and 5.65% in the year earlier period
• Five-year hybrid ARMs - 5.77% as compared to 5.86% last week and 5.75% in the year earlier period
• Short-term (one year ARMs) - 5.02% as compared to 5.18% last week and 5.46% in the year earlier period

For more information on financing or San Clemente real estate, please contact us!