The week ending July 16 saw the lowest interest rates on record since Freddie Mac began tracking it in 1971. Mortgage interest rates have been setting new record lows for weeks thanks to market uncertainty during the coronavirus pandemic.
Right now, lucky buyers can lock in rates as low as 2.98%, depending on their lenders, credit scores, and other factors.These low rates have further increased home demand and pushed many homeowners to refinance their current mortgages.
Will this trend continue? While there is a chance that rates will continue to drop, it is not worth betting on. Waiting to purchase a home may lead to higher interest rates later.
If you are in the market for a new home, it’s a great time to buy. With home inventory low, however, it is important to move quickly and to work with someone you trust. I can help you achieve your homeownership goals and provide you with the feedback you need to feel comfortable with your new investment. Let’s set up a time to talk today!