Malibu CA Real Estate
Fueled By Low Mortgage Rates
Malibu CA real estate is fueled by low rates. Low rates mean that cash buyers can hold on to their cash because borrowing is very cheap at the moment. This also means that buyers can be investors. Rates have been low and do not appear to be rising any time soon. Malibu CA is a desirable area to call home and has long been a magnet for real estate investors.
Why are rates staying so low?
Low rates are fueled by the economic uncertainty related to the global pandemic. This uncertainty has kept the Federal interest rate hovering near zero. The Federal rate is not tied to mortgage rates but it has had a positive effect on home loans. Anyone who can refinance a loan from a higher rate can benefit. Additionally, anyone looking to buy a home can save a great deal of money over the lifetime of a loan.
How low are mortgage rates?
This past week the average rate for a 30-year fixed-rate mortgage was 2.67%. The average for a 15-year fixed-rate mortgage was 2.21%. One year ago these rates were roughly 3.7% and 3.2% respectively. This significant decrease is great for anyone looking to borrow money or refinance an existing loan.
Malibu CA offers a desirable lifestyle
People are drawn to buying Malibu real estate for the lifestyle. Working remotely offers the opportunity to get outside during a break or after work. Malibu CA offers the opportunity to enjoy great weather outside, whether surfing, hiking, or pursuing another outdoor adventure. Additionally, less time in a car and the lack of commute time equals more time with family.
Learn more about Malibu CA real estate
Contact me, Judy Kunisaki, today to learn more about living in Malibu. I welcome the opportunity to update you on the market while helping you get to know the area. Additionally, if you are looking for a lender throughout the buying process I can recommend the right person for you. Let my knowledge and experience serve as your guide to Malibu CA real estate.
Click here to read “Mortgage Rates Continue to Drop With New Record Lows” from REALTOR Magazine.