Home buyers and refinancing homeowners likely have never locked in this low of rate before for the 30-year fixed-rate mortgage. For the 13th time this year, the 30-year fixed-rate mortgage set a
📢 Mortgage Rates Sink to All-Time Low of 2.72% ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴
Dated: November 21 2020
Home buyers and refinancing homeowners likely have never locked in this low of rate before for the 30-year fixed-rate mortgage.
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
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