According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.03 percent in the U.S., the lowest rate in the survey's history dating all the way back to 1971!
"The summer is heating up as record low mortgage rates continue to spur homebuyer demand," said Sam Khater, Freddie Mac's Chief Economist. "However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth."
Freddie Mac News Facts
-30-year fixed-rate mortgage averaged 3.03 percent with an average 0.8 point for the week ending July 9, 2020, down from 3.07 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.
-15-year fixed-rate mortgage averaged 2.51 percent with an average 0.8 point, down from last week when it averaged 2.56 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
-5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent with an average 0.3 point, up slightly from last week when it averaged 3.00 percent. A year ago at this time, the 5-year ARM averaged 3.46 percent.
What does this mean for you?
Buyers, It is the perfect time to shop for a home! With such low rates, buyers can afford more at lower monthly
Sellers, It is a sellers market! With low inventory, there are more buyers out there then homes on the market! It is the perfect
time to sell!
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Sourced from: worldpropertyjournal.com