07/17/2020
Long read:
โผ๏ธ30 YEAR MORTGAGE RATES DIP BELOW 3% FOR THE FIRST TIME IN 50 YEARS!โผ๏ธ
The average 30-year fixed-rate mortgage was reported at 2.98%, down from 3.03%. It's the first time the rate fell below 3$ since Freddie Mac began tracking weekly rates in 1971.
The average 30-year fixed-rate mortgage was reported at 2.98 percent, down from 3.03 percent last week. The drop has led to increased home buyer demand, and these low rates have been capitalized into asset prices in support of the financial markets, Sam Khater, Freddie Macโs chief economist, said in a statement.
โHowever, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job losses.โ
The 15-year fixed-rate mortgage averaged 2.48 percent, down slightly from last weekโs 2.51 percent average and down from last yearโs 3.23 percent average. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.06 percent, up slightly from last weekโs 3.02 percent average and down from last yearโs 3.48 percent average.
โPurchase activity remains relatively strong, despite the continued economic uncertainty and high unemployment caused by the ongoing pandemic,โ Joel Kan, MBAโs associate vice president of economic and industry forecasting, said in a statement.
The historically low mortgage rates โ coupled with scarce inventory โ are setting up what could be an extremely competitive summer for home buyers, according to a weekly market survey released by realtor.com
โTodayโs market remains tipped in favor of sellers as would-be spring buyers are shopping well into what would normally be summer vacation season,โ Danielle Hale, chief economist for realtor.com, said in a statement. โHome buyers, trying to take advantage of record-low mortgage rates and make up for lost time, are finding limited and more expensive options.โ
Although sellers are slowly acclimating to this unexpected surge in buyer interest, inventory is still lagging behind demand which is driving quick time on market and listing price growth on par with this time last summer.โ
Inman News 7/17/2020
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