After rising for over a month, mortgage interest rates fell last week. The rate on a 30 year fixed rate loan with 3/4 of a point in origination cost, fell back below 4%, ending the week at 3.93%. The rate on a fifteen year fixed also fell, to 3.04% with a similar origination fee.
As rates were declining, the inventory of homes for sale were on the rise. In Orange County the number of active listings were up 39% over the last 90 days. In Coto de Caza, the inventory rose from 61 in mid march, to 83 last week, a rise of 22 units or 36%. The number of homes in escrow last week was 32.