Mortgage rates drop to lowest level since 2016 — Will this be the ‘last affordable’ spring home-buying season for a while?

Dated: 02/07/2020

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mortgage rates dropMortgage rates are at the lowest levels since before the 2016 presidential election.

The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 6, according to Freddie Mac. This was the third consecutive week in which mortgage rates dropped.

The last time the 30-year fixed-rate mortgage was at or below this level was in October 2016, when it averaged 3.42%.

That rising demand and the warmer weather here in Southern Maryland is expected to speed the start of the spring home-buying season, which is generally the most popular time of year to purchase a home.

A new report based on research from Realtor.com and the National Association of Realtors indicates that buyers who manage to score a deal this year will be lucky, as experts predict that affordability will only worsen in the years to come.

”Sabrina Speianu, senior economist research analyst at Realtor.com and the report’s author, wrote. “However, this spring homebuying season may be the last to see gains to affordability in quite a while.”

Reach out to your local lender today to see what your rate could be. 

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