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: 202

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

The Four Tops, The Temptations, And The Beach Boys Close The Summer 2022 CMM Waterside Music Series

O’Brien Realty is proud to sponsor the 2022 Waterside Music Series featuring The Beach Boys, The Temptations, and The Four Tops!  Beach Boys and Temptations and Four Tops… oh

Read More

How's The Southern Maryland Housing Market? (July 2022)

By O’Brien Realty Find out how the housing market is doing in the Southern Maryland tri-counties of Calvert, Charles, and St. Mary’s! There has been a recent heat wave in

Read More

Start The Summer Savings! 5 Tips To Help You Save For Your Dream Home

By O’Brien Realty  Saving up for a home in this summer of high inflation? Here are 5 tips to get you started! This summer is heating up, and unfortunately so is the inflation rate.

Read More

Summer Is A Splash With Waterfront Properties In Southern Maryland!

By O’Brien RealtySouthern Maryland boasts plenty of waterfront properties across all three counties of Calvert, Charles, and St. Mary’s! Summer is the best time to enjoy these properties

Read More