Time to Make that Purchase? With Costa Mesa mortgage rates moving up swiftly, buyers may be getting quickly off the sidelines and into purchases in Costa Mesa soon.
“It’s a dramatic move, a move like we haven’t seen in quite some time in mortgage rates,” said Kevin Connor, mortgage banker.
The expectation is for the market to continue to see an increase in rates as the year progresses. The Fed Funds rate is supposed to rise 2-4 times as predicted this year by CostaMesaRealEstate.com, and widely seen as the forecast by most economists.
What to do? Those with pre-approvals in hand should move quickly to find homes especially since some rates are still available in the 4% range.