Updated: Nov 6, 2020
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!
Follow us:@jlsbothell on Instagram | @jlsbothell on Facebook
Are you needing a new place to call home? At Buy. Sell. Live. Northwest, powered by John L. Scott, we have friendly Agents on hand to assist you every step of the way.
Presentation, Promotion, and Pricing
Getting your home sold quickly is an important factor in getting you top dollar. We use a combination of neighborhood-specific knowledge, buyer trends, and the latest market analysis technology to provide you with the most accurate pricing recommendation. Communication is Key
Behind every successful transaction lies one important ingredient; communication. We’ll keep you updated every step of the way with feedback of your property and changes to the market that may impact your listing, it is our goal to keep you updated every step of the way.
Contact us for a Comparative Market Analysis and Listing Presentation
Buy. Sell. Live. Northwest
Office Phone: (425) 949-8434
We are currently hiring new and experienced real estate brokers! Contact us to learn more.
Sourced from: worldpropertyjournal.com