The Big Bear real estate market has been picking up steam lately thanks to the correction in home prices and historic low interest rates. And while many potential home buyers have been waiting on the sidelines for an indication that the market has bottomed out, the recent up-tick in interest rates may be signaling that the time to buy a Big Bear home or investment property is NOW.
The most recent “Primary Mortgage Market Survey” by Freddie Mac reports that fixed mortgage rates moved higher following stronger than expected employment reports. The 30-year fixed rate mortgage averaged 3.59 percent and the 15-year fixed rate mortgage averaged 2.84 percent, still near the all-time historic low.
30-year fixed-rate mortgage (FRM) averaged 3.59 percent with an average 0.6 point for the week ending August 9, 2012, up from last week when it averaged 3.55 percent. Last year at this time, the 30-year FRM averaged 4.32 percent.
15-year FRM this week averaged 2.84 percent with an average 0.6 point, up from last week when it averaged 2.83 percent. A year ago at this time, the 15-year FRM averaged 3.50 percent.
5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.77 percent this week with an average 0.6 point, up from last week when it averaged 2.75 percent. A year ago, the 5-year ARM averaged 3.13 percent.
1-year Treasury-indexed ARM averaged 2.65 percent this week with an average 0.4 point, down from last week when it averaged 2.70 percent. At this time last year, the 1-year ARM averaged 2.89 percent.
Historic low mortgage interest rates continue to support the fact that it’s cheaper to buy a home in Big Bear than it is to rent. A $200,000, 30-year fixed-rate mortgage costs just $904 a month, compared with the $1,013 it would cost a year ago, when rates averaged 4.4%. Five years ago, that same mortgage would have carried an average rate of 6.5% and cost $1,264 a month.
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