Owner and buyers of Palos Verdes real estate have been treated to a year of low mortgages – a wish come true. According to a recent Los Angeles Times article, “interest rates are the lowest since Freddie Mac, a government-sponsored corporation that purchases home loans from lenders, began tracking the 30-year loan in 1971” Click here to view the entire article with rate information.
What an incredible opportunity this has been to both refinance and to purchase a new home. This year, it seems that many Buyers have decided to stop waiting and buy their new home. Here on the Palos Verdes Peninsula, we have been blessed with a “softer landing” from the financial crisis than many other areas; our market has been pretty stable this year. We have great schools, great weather, convenient location to downtown LA, the Los Angeles airport and the Westside. Buyers have taken notice.
The eternal question is ‘How long will these low interest rates last?”