Mortgage Rates for Encinitas Homes in 2013

Analysts are projecting that mortgage rates for homes in Encinitas will continue to stay near record lows for 2013.

Nationwide, industry group surveys have shown that the majority of home loan applications (about 80%) that have been submitted in recent weeks have been for refinancing.

Freddie Mac released its Primary Mortgage Market Survey, which listed the current rates of mortgage rates around the country for the week ending January 3rd. Here are the mortgage rates nationally compared with today’s rates for mortgages in Encinitas.

  • 30-year fixed-rate: 3.34% Nationally, 3.49% in Encinitas.
  • 15-year fixed-rate: 2.64% Nationally, 2.84% in Encinitas.
  • 5-year adjustable rate mortgage (ARM): 2.71% Nationally, 2.98% in Encinitas.

While demands for refinancing reached their lowest level since April of 2012, according to the Mortgage Bankers Association they still accounted for 82% of mortgage applications. Analysts for Fannie Mae project that for 2013 refinancings will:

  • Drop by 29%
  • Account for 53% of single-family home originations
  • Will be down from 76% in the fourth quarter of 2012

If you are not among the owners of Encinitas houses that have taken advantage of the low mortgage rates to refinance 2013 should be the time that you do so. The Federal Reserve will be buying $40 billion in mortgage-backed securities every month that have been issued by Freddie Mac an Fannie Mae in order to keep mortgage rates low until there is substantial improvement in national unemployment rates. This news is leading Fannie Mae to project sales of existing homes to increase by almost 10% over the course of the year, making it an excellent time to purchase homes for sale in Encinitas from an Encinitas Realtor as well.

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