📢 Mortgage Rates Sink to All-Time Low of 2.72% ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴

Dated: November 21 2020

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Home buyers and refinancing homeowners likely have never locked in this low of rate before for the 30-year fixed-rate mortgage.

Realtor Magazine 2020 11 21 Interest Rates Sink to an All Time Low since the begining of the plandemic after going through the COVID-19 Coronavirus pandemic Hoey Team eXp Realty

For the 13th time this year, the 30-year fixed-rate mortgage set a record low, averaging 2.72% this week, according to Freddie Mac’s records, which date back to 1971. The previous all-time low was set the week of Nov. 5, when 30-year rates averaged 2.78%.

“Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low,” says Sam Khater, Freddie Mac’s chief economist. “While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.”

The ultra-low mortgage rates are boosting homebuying activity to the highest level since 2006, the National Association of REALTORS® reports. In October, existing-home sales jumped by 27% annually, with activity in the Midwest and South reaching all-time highs. Home construction is also rising, with single-family housing starts reaching the highest production rate since 2007.

“With mortgage rates hovering at record lows, more houses will be built as demand rises and homebuilders can borrow money at a cheaper rate to finance the construction,” said Nadia Evangelou, a research economist for NAR, at the association’s Economists’ Outlook blog.

Freddie Mac reports the following national averages with mortgage rates for the week ending Nov. 19:

  • 30-year fixed-rate mortgages: averaged 2.72%, with an average 0.7 point, falling from last week’s 2.84% average. Last year at this time, 30-year rates averaged 3.66%.
  • 15-year fixed-rate mortgages: averaged 2.28%, with an average 0.6 point, dropping from last week’s 2.34% average. A year ago, 15-year rates averaged 3.15%.
  • 5-year hybrid adjustable-rate mortgages: averaged 2.85%, with an average 0.3 point, dropping from last week’s 3.11% average. A year ago, 5-year ARMs averaged 3.39%.

Freddie Mac reports average commitment rates along with average points to better reflect the total upfront cost of obtaining the mortgage.

Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list and sell homes; both Single family, and Condo type.  We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do.  Low interest rates are probably helping with this additionally.

At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.

Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty and from Freddie Mac

For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit:   www.VisitCollier.Com      Feel free to share this resource page with others  🌴

NOTE for Buyers and Sellers: On our Hoey Team â˜˜ VIRTUAL OPEN HOUSE Page you may WATCH ? Detailed HD 3D Immersive VIDEO ? Walkthrough Tours for all our COMING to MLS & AVAILABLE LISTINGS right HERE: ? www.SWFLVRE.com  ? 

For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.

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CLICK HERE to Visit our High Definition Virtual 3D Open House Tours Page 24/7

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We do not discriminate on price, we help homeowners and renters in all price ranges; Click Here for more information on the Hoey Team ☘ and what we do to help or visit HoeyTeam.Net anytime.

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Best Places to Retire? 13 of the ‘Top 25’ Are in Fla â˜˜ Hoey Team â˜˜ exp Realty ðŸŒ´ Southwest Florida ðŸŒ´

Also; please check out the other blogs, and tabs to many other Links, Updates, Reports & Stats that we have here on our informational website.  â˜˜

We hope that you find the information useful.  If you have any questions, please do not hesitate to contact Barry or Kim with the Hoey Team â˜˜ brokered by eXp Realty

Email us at Barry@SWFLLuxury.Com  or KimZuponcic@Gmail.com or Call/Text the Hoey Team ☘ at:  (239)-360-5527 

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Most of our business is referrals by word of mouth; from past Sellers and Buyers who we have helped; please ask for and check out our testimonials and Sales Stats.  Thanks, Barry & Kim â˜˜

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