Interest Rates on Murrieta Foreclosures Remain Stable
Category: Real Estate Trends
Published: Tuesday, June 09, 2009
Although area home values are inching upward, interest rates on Murrieta foreclosures are remaining stable and creating home ownership opportunities for many first time buyers. Conventional 30-year fixed rates hovered in the mid 5's this week, up slightly from 5.36% last week. With median home prices on Murrieta bank homes at $227,000, payments at today's interest rates would be roughly $1,105 per month. Considering the number of bedrooms and square footage of most Murrieta and Temecula foreclosures, a first time home buyer would actually save money by giving up their rented apartment and buying now!
Rates on 15-year fixed mortgages are at 4.85% and that same Murrieta or Temecula bank home would cost a 15-year borrower approximately $1,600 per month. For borrowers looking to maximize their short term investment, the hybrid 5/1 adjustable rate, which starts out at a 5 year fixed rate before shifting to an adjustable rate during year 6, are at 4.5%.
If you are planning to own your home for five years or less, this could be the mortgage solution for you, particularly given that current home prices are at their lowest in years and will in all likelihood increase during the next five years. If you are planning on staying in your home, however, a conventional 15 or 30-year fixed rate mortgage is best and with these great rates, there is no reason not to invest now.
Low Interest Rates Combat Rising Prices
Yes, home prices are climbing but buyers still hoping to find the perfect southwest Riverside County foreclosures bargain have time to close the deal on their dream home. Twenty years ago home prices were slightly under what they are today, however interest rates were double the rates we're seeing now. Buyers in the market today are in a much better position to close escrow on beautiful Temecula estate homes, Murrieta executive homes or Menifee ranches than buyers in earlier real estate cycles.
But time is running out! Interest rates are constantly changing and with prices on the gradual upswing, buyers need to act quickly to lock in great prices at favorable rates.
Oak Tree Realty Group Murrieta specializes in Temecula bank owned homes, Murrieta bank owned homes, Winchester foreclosures and Menifee REOs. Whether you are buying or selling, we can help with all your Southwest Riverside County real estate needs. Contact the foreclosure specialists today at 1-877-226-4800.
The $8,000 first time homebuyer’s credit is set to expire in November and buyers are busy finding the best deals on Murrieta foreclosures and Temecula bank homes. The team at Oak Tree Realty Group Murrieta points to possible neighborhoods for great deals on affordable Murrieta bank homes.
Murrieta foreclosures led Southwest Riverside County home sales during the month of July according to market analyst MDA DataQuick. Nearly 1,000 homes changed hands last month and the experts at Oak Tree Realty Group Murrieta put the numbers in perspective.
Buyers of Temecula foreclosures may have less competition from first time homebuyers in the coming months, thanks to a plan by the City of Temecula to complete 110 half-finished condominiums and turn them into affordable housing apartments for rent. The team at Oak Tree Realty Group Murrieta offers insight into the plan.
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