Published January 26, 2021

Freddie Mac: Mortgage Rates Continue Record Low Average

Written by Shanna Day Team

Freddie Mac: Mortgage Rates Continue Record Low Average header image.

According to the latest Freddie Mac report, mortgage rates continue upholding historically low records, with the 30-year fixed-rate mortgage averaging its lowest for the fourteenth time this year with the week ending December 3rd.

The 30-year fixed-rate mortgages averaged 2.71%, down from the previous week’s 2.72% average. For comparison, 30-year rates last year at this time averaged 3.68%.

As for the 15-year fixed-rate mortgages, they averaged 2.26% while the prior week had a 2.28% average. 15-year rates this time last year averaged 3.14%.

Lastly, 5-year hybrid adjustable-rate mortgages averaged 2.86%, significantly dropping from the 3.16% average from the week before. The year before saw 5-year ARMs averaging 3.39%.

Better not take the low rates for granted, though. Sam Khater, chief economist for Freddie Mac, remarks that "The record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment."

Combined that with the new conforming loan limits taking effect next year and you have even more reason to make a move on finding and buying your next home in the East Valley soon. And what better way to increase your chances of finding your dream home during this period of low inventory than by having your local real estate specialists have your back? Call 480-415-7616 and get The Shanna Day Team help you make the most of this exciting time to be a homebuyer!

Source Article:

https://magazine.realtor/