As 30-year fixed-rate mortgage rates fell for the sixth straight week (4.54 percent for the week ending July 29), Coldwell Banker sales associates and mortgage brokers are fielding questions from all over Orange County and the Desert Region. Homeowners keep asking us, “Is it a good time to refinance my home loan?” And homebuyers continue to wonder, “Is it a good time to jump off the fence and buy that home I’ve had my eye on for the last year?”

While each answer should be as unique as the individual, the fact remains that 30-year fixed mortgage rates are at their lowest point since 1971 when mortgage company Freddie Mac began keeping record. The last time long-term rates were lower was in the mid-1950s, when they averaged around 4.6 percent. Likewise, 15-year fixed-rate mortgages – a popular choice for homeowners who want to refinance – have dropped to 4 percent, down from 4.64 percent a year ago, which is also the lowest on Freddie Mac’s record dating back to 1991. Jay Robertson, President of First Capital Mortgage, says that he hasn’t seen rates this low since he has been in the business.

“It’s a great time to buy,” he said. “Our business has jumped 35 percent in the last month, and that’s a combination of purchases and refinances.”

With long-term rates at 50-year lows and short-term rates at almost 20-year lows, affordability has never been better for qualified borrowers in Orange County and the Coachella Valley. Buyers who have sat on the sidelines are finally jumping into the real estate market, while homeowners who couldn’t refinance six months ago are having more success now since lower interest rates allow more people to qualify.

“At a time when many families are budgeting, saving $100 to $150 a month on their monthly mortgage payment can make a tremendous difference to them,” said Robertson.

Visit www.OCViewOnline.com and contact your local Coldwell Banker sales associate this weekend to find out how to take advantage of this rare moment in real estate history.