Southern California Home Buying Jumps as Mortgage Rates Lower.
The biggest drop in mortgage rates in history has Southern California house hunters making a rush to buy, with freshly opened escrows up 14% in a year.
A year ago, home buying suffered as the 30-year fixed-rate loan averaged 4.9% — an eight-year high, by Freddie Mac's count.
Look At It This Way, The typical buyer's monthly mortgage payment is down 15% in a year — or $77 for every $100,000 borrowed.
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