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Mortgage Rates Hit Record Lows for Three Consecutive Weeks

October 23, 2020 by chorton Leave a Comment

Mortgage Rates Hit Record Lows for Three Consecutive Weeks | Keeping Current Matters

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rates are dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971.

This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big.

Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.

Mortgage Rates Hit Record Lows for Three Consecutive Weeks | Keeping Current Matters

 

A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money due to these lower mortgage rates. Maybe that’s a bigger home than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.

If you’re in a position to buy a home this year, Preferred Properties of Texas would love the opportunity to initiate the process while mortgage rates are historically low. Contact our office today to speak with one of our knowledgeable agents.


 

Filed Under: Blog, Buying a home, Homes for Sale, Land for Sale, Ranches for Sale, Real Estate Advice, Selling Your Home Tagged With: buying a home, erath county, first time home buyer, home for sale, Homes for sale Stephenville TX, land for sale in texas, Preferred Properties of Texas, selling a home, selling homes

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Preferred Properties of Texas

Preferred Properties of Texas

The Preferred Way to Buy and Sell Property
for Over 25 Years
(254) 965-7775 Office
Contact Preferred Properties of Texas
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