Interest rates this low really is remarkable. This is the lowest level in my lifetime and that says A LOT! I would have never guessed that we could get to this level.
"Mortgage rates in the US have hit another record low" and the time to buy a home or refinance have never been better as reported by Christine Maurus of Bloomberg News on December 13, 2020.
The average for 30 year fixed rate loans dropped from 2.87% the previous week to 2.81% which is the lowest in the 50 years that these records have been tracked. The previous low prior to the new 2.81% average was 2.86% in October.
These low mortgage rates have been the energy needed in a continuing housing rally nationwide and also here in our Phoenix metro market. Although the number of homes on the market is limited, the fuel provided by the low mortgage rates have been pushing up home prices. If you have been on the fence, now is the time to buy/
Record Low Mortgage rates are GOOD!
Mortgage Rates Now at new record low average of 2.81%
Rates aren’t expected to jump signifcantly any time soon by many industry analysts, however the future is unknown and the time to buy may be NOW.
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Jeffrey Masich, Associate Broker, REALTOR®, MBA, GRI, BS Accounting
Raymond Henson, SRES, GRI, e-Pro
3412 Babson Drive
Elk Grove, CA 95758