For the first time in 50 years the average 30-year mortgage rate has dropped below 3% this week, averaging just 2.98% according to Freddie Mac. As buyer demand is increasing, an already low inventory of available homes is decreasing making the demand for new construction even higher.
According to Danielle Hale, chief economist for Realtor.com, the low rates are translating to monthly mortgages for a typical home that are $125 less per month than just a year ago.
So are these new rates here to stay? Mortgage giant Fannie Mae seems to think so. They are expecting 30-year fixed rate mortgages to average 2.9% for the first half of 2021 and possibly drop to 2.8% for the remainder of the year. So, if you're thinking about buying, don't walk, run to your lender to get in on these incredibly low rates. And if you're thinking about selling, give us a call! We have buyers and inventory is low! Homework is what we do, and we'd love to help you find your dream home or sell your existing home at the best price possible!
- Source:
- www.floridarealtors.org/news
- www.finance.yahoo.com/news
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