Low Interest Rates Stimulate Santa Clara County Housing Market

Jun 03, 2010, 18:52 ET from Santa Clara County Association of REALTORS

SAN JOSE, Calif., June 3 /PRNewswire/ -- Record-low interest rates continue to fuel the Santa Clara County housing market, boosting home prices and spurring brisk sales.

The 30-year fixed-rate mortgage averaged 4.78 percent with 0.7 point for the week ending May 27, down from the previous week when it averaged 4.84 percent, according to Freddie Mac. It ranked the second lowest since 1971 when Freddie Mac started surveying mortgage rates weekly.  The lowest was the 4.71 percent for the week of Dec. 3 of last year.

Rock-bottom interest rates and lower housing prices make homes more affordable than they have been for years. In Santa Clara County, multiple offers are common and many properties are snapped up within a few days.

"For many consumers, affordable home prices and low interest rates make it compelling to buy a home now," said Karl Lee, President of the Santa Clara County Association of REALTORS®. "Those who make the purchase now may encounter some of the best deals in years."

SCCAOR President Karl Lee can be reached for comments at karllee@resultspros.com or 408.205.1726.

About the Santa Clara County Association of REALTORS®

SCCAOR, established in 1896, is California's oldest and Northern California's largest real estate association. We represent 7,000 REALTORS® and affiliate members. SCCAOR exists to meet the business, professional and political needs of its members and to promote, protect homeownership and private property rights.

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Contact: Alison Martinsen

Phone: 408.445.5080

Fax: 408.445.7767



SOURCE Santa Clara County Association of REALTORS