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

Dated: February 7 2020

Views: 169

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

COVID-19 Transformed the Way We Buy Homes—but Will It Stick in the coming months?

Remember lazy Sunday afternoons when home buyers could leisurely hop from open house to open house, partaking of wine and cheese laid out to reel in more foot traffic—the more the merrier.Much

Read More

Fast Fixes for Carpet Stains, Smudged Walls, and Other Household Issues

If you've been in your home for a while, it's probably withstood a good amount of wear and tear. Maybe even a great amount. Scratches on the wood floor, stains on the carpet, your kids'

Read More

5 Kitchen Design Rules You Should Definitely Break in 2021

The kitchen is a major focal point of a home—after all, it's where meals are made to nourish your family, and where guests (when you can host them safely again) tend to gather, no matter how

Read More

5 Big Ways Biden Is Poised To Help First-Time Home Buyers

Becoming a first-time homeowner these days is shaping up as an epic challenge. With a record-low selection of properties for sale, high buyer demand keeps on pushing home prices ever skyward. High

Read More