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

Views: 69

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. 

Latest Blog Posts

What the COVID-19 Virus Means For First-time Homebuyers

There are many challenges as a result of COVID-19, but it doesn’t mean you have to put your homeownership dream on hold. This is a great opportunity to use online resources available to get

Read More

Enjoy a Stress Free Home Selling Experience

For those who intend to sell a house, it generally is beneficial to explore ways to minimize stress throughout the home selling journey. That way, a home seller will be prepared to deal with any

Read More

Not into Yardwork: Try these tips to make it more manageable this Spring

When spring arrives it brings everyone out to the backyard for games, cookouts, picnics, and a number of other fun, fair weather activities. It also brings yardwork.  With the busy schedules

Read More