Mortgage rates have fallen below 6% for the first time since this past spring.  The 30 year fixed rate dropped from 6.35% to 5.93% last week making San Clemente real estate more affordable.  For example, a San Clemente home or condo financed at $700,000 based on a 6.35% rate would cost $4,355 per month.  The same amount financed with this past weeks rate of 5.93% would cost $4,165.  This would be a savings of $190 per month or 4.37%.  This would equate to a savings of $2,280 per year or $68,400 over the life of the loan if never refinanced.  The drop in rates is both good news for buyers and sellers.  Buyers can now afford more for their San Clemente real estate purchase and for sellers, this relieves some of the downward pressure on prices.

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