Wow! Just when you think that rates could not get much lower….They do! The Freddie Mac Survey of Rates asks lenders nationwide what they are offering to well-qualified borrowers. They have been reporting these since 1971 and NEVER in this period have they been lower than they are right now. As reported by the LA Times, the average 30-year fixed-rate loan dipped to 4.19% last Friday, and 15-year fixed rates stood at 3.62%! You have to go back to 1951 to find a comparable rate, but back then most long-term loans were made for 20 to 25 years. Truly amazing times we are living in. I have a few clients, who are planning to keep their homes in Big Bear for the foreseeable future, report that they switched from a 30-year mortgage to a 15-year mortgage, shaving their payments significantly and knocking 15 years of off their mortgage at the same time.
Even more exciting news on the loan front: last week I closed a second-home purchase for a well-qualified buyer with 10% down. I was leery to report that 10% down financing is readily available for second/vacation home purchases in Big Bear prior to seeing a few of them actually close without a hitch. But that is indeed the case now and two major lenders I work with frequently are offering some amazing rates and terms on 10% down financing for second homes in Big Bear. It is very possible right now to buy at drastically reduced prices and lock in rock-bottom rates with minimal out of pocket expense. It is so exciting to see that the dream of owning a solid investment in Big Bear real estate, that in-turn also substantially increases your family’s quality of life, is alive, well and now within reach for many more qualified buyers. Contact me if you would like more info on these loan programs and to learn about the best deals currently available in the Big Bear real estate market.