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: 96

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

Are you ready for July 15th?? 3 Money-Saving, Last-Minute Tax Tips for Homeowners

Granted, this year, the coronavirus pandemic prompted the Internal Revenue Service to extend the usual April 15 deadline to July 15. That might have seemed like plenty of time—and yet here we

Read More

How to Deal with New Neighbors!!!

Moving to a new neighborhood brings with it, well, the new neighbors. Although you may be an exceptionally private person — others, by nature, are naturally curious. They want to know who;

Read More

6 Things Your Mortgage Lender Wants You To Know About Home Loans During COVID-19

Getting a mortgage, paying your mortgage, refinancing your mortgage: These are all major undertakings, but during a pandemic, all of it becomes more complicated. Sometimes a lot more

Read More

Lost Spring Home-Buying Season: Can you still sell your home this year?

The stay at home orders and social distancing guidelines took effect just as the spring home-buying (and selling) season was getting underway. If you are a homeowner who was considering selling your

Read More