If falling mortgage rates have failed to capture your attention so far, then this just might: Mortgage rates have set a record for the 12th time this year.
Fixed-rate mortgages are at a new all-time low. The current average 30-year FRM is sitting at 2.78% right now. If you are able to do a 15-year FRM, you can save even more with rates as low as 2.32%.
So what’s driving these low mortgage rates?
In addition to the current recession, worries about the economy fueled by the ongoing pandemic have pushed the Fed to keep interest rates low. This in turn, has led to low mortgage rates across the board. Uncertainty regarding the recent election also impacted rates.If you want to take advantage of these low mortgage rates, you will need to act fast! While the low mortgage rates may continue for months, low housing inventory is making it difficult for some interested buyers to lock them in. Basically, there just are not enough homes on the market to meet demand. If you are interested in buying a home, let’s set up a time to chat and nail down your wants and needs so that you can nab your dream home the second it goes on the market.