The average rate for a 30-year fixed-rate mortgage dropped .07 percentage points for the week ending Sept. 10, reaching 2.86 percent — anew low since Freddie Mac began conducting the survey in 1971. This time last year, the mortgage rates averaged 3.56 percent. Fifteen-year mortgages declined, too, to an average of 2.37, while five-year mortgages were up 18 percentage points to 3.11.
Sam Khater, Freddie Mac’s chief economist, said a late summer slowdown in the economic recovery was to thank for the low mortgage rates, but that might not hold through the fall, when a lack of supply could drive up prices and deter homebuyers.
Still, the historically low mortgage rates have led to a frenzy of homebuying, and even a rebound for timber real estate investment trusts, responding to the higher demand for lumber. The average home price also broke the $300,000 mark for the first time in July.
Existing home sales were up 24.7 percent in July, according to the National Association of Realtors, after two consecutive months of gains.
(source: therealdeal.com)
Share
23
SEP
2020
SEP
2020
0