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Mortgage Rates Hit Record Lows for Three Consecutive Weeks

July 15, 2020 By Tami Savage

Mortgage Rates Hit Record Lows for Three Consecutive Weeks

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate 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 (See graph below):

Mortgage Rates Hit Record Lows for Three Consecutive Weeks | Simplifying The Market

What does this mean for buyers?

This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”

In addition, move.com notes:

“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com® monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of 85 million unique users. Realtor.com® daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.”

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 | Simplifying The Market

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. 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.

Bottom Line

If you’re in a position to buy a home this year, let’s connect to initiate the process while mortgage rates are historically low.

Tagged With: First Time Home Buyers, For Buyers, Interest Rates, Move-Up Buyers

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I help homeowners sell their existing home and shift into a home more suitable to their needs in the North Metro Atlanta area (specifically around Cumming, Canton, & Milton). Read More…

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If you're following the news, you might be wondering what could happen to the housing market if there's a recession. Let's connect to discuss why history shows a recession doesn't equal a housing crisis.

SOURCES: 
• https://www.corelogic.com/intelligence/corelogic-hpi-posted-record-year-over-year-growth-in-2021/
• https://www.corelogic.com/intelligence/housing-recessions-and-recoveries/
• https://www.thebalance.com/the-history-of-recessions-in-the-united-states-3306011
A Recession Doesn't Equal a Housing Crisis
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Buyers already know higher mortgage rates can increase their monthly payment.

But sellers might be surprised to learn rising rates could impact them, as well.

Watch the video to find out what you should consider if you’ve been waiting to sell your home.

Then contact us today to schedule a free consultation. Whether you want to buy or sell this year, act fast…before rates rise even further!

📲 770-744-2524
☎️ 888-959-9461 x2543
📩  tami@tamisavage.com
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Go here to request:  https://tamisavage.com/new-summer-2022-buyer-and-seller-guides-are-here/
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Want to better understand how buying a home could be a great investment for you? Let’s connect today.

SOURCE:
• https://news.gallup.com/poll/392330/record-low-say-good-time-buy-house.aspx
More Americans Choose Real Estate as the Best Long Term Investment
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Thinking of Moving Up This Summer?

Here are some features you may want on your wishlist:
• Outdoor entertaining space
• A swimming pool to make a splash
• A quiet place to relax and unwind

Let's connect so you can sell your house and find the home of your dreams.
Thinking of Moving Up This Summer
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If you're thinking of buying or selling a home this year, it's important to know where the market is headed and what that means for you. Let's connect so you have the latest expert insights to help plan your next move.

SOURCES: 
• https://www.mba.org/docs/default-source/research-and-forecasts/forecasts/mortgage-finance-forecast-apr-2022.pdf
https://cdn.nar.realtor/sites/default/files/documents/forecast-q2-2022-us-economic-outlook-04-27-2022.pdf
• https://www.fanniemae.com/media/43346/display
• https://www.freddiemac.com/research/forecast/20220418-quarterly-forecast-purchase-market-will-remain-solid-even-mortgage-rates-rise
• https://pulsenomics.com/surveys/#home-price-expectations
• https://www.corelogic.com/intelligence/u-s-home-price-insights/
• https://www.zelmanassociates.com/
• https://www.marketwatch.com/story/the-pandemic-boom-in-home-sales-is-over-mortgage-rates-soar-to-highest-level-since-2009-as-the-fed-pressures-the-housing-market-11651760108
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There are a number of good reasons you may want to sell your house right now. Let's connect so you have an expert on your side to help you during the process.

SOURCES: 
https://www.reuters.com/business/finance/why-time-is-right-sell-home-us-2022-03-29/ https://www.businessinsider.com/signs-you-should-sell-your-home-2019-7#lifestyle-shifts-are-compelling-you-to-rethink-your-living-space-2
https://blog.firstam.com/economics/why-the-2022-housing-market-is-very-2019
Top Signs Its Time To Sell According to Experts
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More sellers are expected to list their houses in the months ahead. Let's connect so you have a trusted real estate advisor on your side and can act when your dream home comes to market.

SOURCES: 
https://news.move.com/2022-04-06-New-Realtor-com-R-Survey-Finds-64-of-2022-Sellers-Plan-to-List-by-Summers-End
https://cdn.nar.realtor/sites/default/files/documents/ehs-03-2022-overview-2022-04-20.pdf
Homebuyers You May Have More Options
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Right now, the average home for sale is getting more offers than in recent years. Let's connect so we can discuss how you can win when you make a move in today's housing market.

SOURCE: 
https://cdn.nar.realtor/sites/default/files/documents/2022-03-realtors-confidence-index-04-20-2022.pdf
Buyers Are Lining Up To Make an Offer in Todays Housing Market
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