Mortgage interest rates dropped once again last month, reaching their lowest levels since fall 2016. According to the U.S. Federal Reserve, rates dropped to 3.45% – a near full-point reduction since the same time last year.
One percentage point may seem small, but it has a big impact on homebuying power and family savings.
“Compared to last year, today’s homebuyer is saving about $650 each month for a typical mortgage on an average-priced home in Irvine,” said
John Shumway, economist and principal with the Concord Group. ”Those savings, which total about $7,800 per year, can go to a 401(k), college fund or a bigger house. Families can save a lot when rates drop like this.”
For many families, Irvine is the ideal location to take advantage of interest-rate savings and added homebuying power.
Top-ranked master-planned community
In fact, for the ninth consecutive year, The Irvine Ranch ranks as California’s top-selling master-planned community, according to an annual report from John Burns Real Estate Consulting, released in January.
The Burns report cites several key factors that lead to a successful master-planned community, including creative design, exceptional amenities, cutting-edge health and wellness offerings, and access to employment – all central tenets of the Irvine Master Plan.
Other recent Irvine accolades include the top park system in America (Trust for Public Land); the safest large city in America (FBI statistics); and the No. 1-ranked public university in America (Money magazine).