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a typical 30-year mortgage, or a $3,160 per month home payment at 6.5% versus $2,533 per month at 4.5%.

Historically, mortgage rates of 5% and below were unknown until 2003. Before then, higher mortgage interest rates were the norm.

In the early 1970s, rates stayed around the 7% range, while at the end of the decade and throughout the 1980s mortgage interest rates rarely fell below 10%, according to Bankrate.com. Rates throughout the 1990s were between 7% and 9%, according to Bankrate.com.

Fall is another reason that now may be a time to buy.

Many buyers, and a few sellers, temporarily leave the market for homes during the fall and winter seasons, Thomas said.

“Competition wanes a bit, so

you’re not going to be competing against as many people as you would be competing against in the spring and summer markets,” he said. “You may be able to get your offer accepted. During the fall and winter months there’s a higher probability of you getting that home. While there are fewer homes on the market, you are not competing against many people.”

However, according to the multiple listing service, there are just under 11,000 homes on the market in Orange County, and only 3,000 are currently going into escrow.

And prices have yet to show signs of rising. According to real estate information service DataQuick’s latest figures, the median price for a home in Orange County was $473,500 in July. That’s down 2.8% from a year ago. Sales were also down 2.8% from a year ago.

Got an interesting real estate story to tell? Email djergler@gmail.com.