Mortgage Rates Hit All-Time Low
Now is the time to act if you have been considering buying, upsizing, or refinancing! The national average conforming 30-year fixed-rate is down to 3.15%.
Record Low Mortgage Rates
Mortgage rates have hit a historic low while mortgage applications continue to increase. This follows the stock market’s recent instability and the U.S. Federal Reserve announced an emergency rate cut, the first since the Great Recession, over fears regarding how the spread of the coronavirus would impact the economy.
Freddie Mac’s Chief Economist Sam Khater noted: “mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down.”
The current average 30- year fixed-rate mortgage of 3.15 percent is .3 percent lower than the average rate of 3.45 percent just two weeks ago. The current average is also 1.28% lower than the same time period last year! 15-year fixed-rate mortgages show similar decreases.
John Makarewicz, President of Mark Spain Real Estate, said “rates are ridiculously low right now as the Fed has reduced them dramatically to try and assuage fears on Wall Street. Sellers on the fence should consider listing to take advantage of the buying frenzy that is already underway.”
Mortgage Applications Increase
Many homeowners and homebuyers have already taken action. U.S. home prices increased 4% year-over-year in January according to the latest CoreLogic Home Price Insights. Mortgage applications continue to rise while inventory has remained low. It is a seller’s market, but buyers have a unique opportunity to potentially buy more house for a better value with the current low rates.
If you aren’t interested in moving, the current interest rates can still benefit you! John Makarewicz advises “past clients who have purchased in the last three to four years should connect with a mortgage professional about a potential refinance. Shelter Home Mortgage is Mark Spain Real Estate’s trusted mortgage adviser.
Our licensed agents are eager to serve you! When clients work with us, they become clients for life. We will always place your needs first. Get started today selling your home or starting your new home search!
Source: Mortgage News Daily’s March 5th survey of lenders across the U.S. with 0 origination fee / discount points.
Source: Inman News 30-year mortgage rates hit lowest point in 50-year history