Mortgage Rates Continue to Drop
Mortgage rates continue to drop and that’s having a major impact on the market.
Even though the U.S. is in the midst of a months-long pandemic, the economy, by certain metrics, is not being as negatively impacted as most would have thought it was going to be, and no industry is a better example of the pandemic having little to no negative impact is the housing market.
Average rates on both 30 and 15 year fixed-rate home loans are now at all-time lows right now.
Mortgage Rates According to MSN Money:
Mortgage rates have slid all the way down to an average 2.86% for a 30-year fixed-rate loan, from 2.93% a week earlier, mortgage company Freddie Mac said Thursday.
The typical 30-year rate is now the lowest ever for the survey, which began in 1971. It’s the ninth time in 2020 that mortgage rates have reached a new floor. A year ago, 30-year fixed-rate mortgages were averaging 3.56%.
So, what does this all mean for buyers? Well, the biggest impact that low-interest rates are having is that it’s driving sales in the housing market. With rates so low, people who have the ability to purchase homes are gobbling up every property that they can get their hands on.
Additionally, these historically low-interest rates have resulted in some 19.3 million new Americans becoming homeowners.
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