news 1 month ago

Mortgage Rates Fall to a Record Low Rate for 8th Time in 2020

Wibbitz
Mortgage Rates Fall , to a Record Low Rate for 8th Time in 2020. The average interest rate for a 30-year fixed-rate mortgage fell to 2.88 percent last week. Just a year ago, the rate for the same mortgage averaged 3.6 percent. For a 15-year fixed-rate mortgage, the average rate fell to 2.44 percent last week. Rates were pushed lower by unprecedented national unemployment, as well as a delay in a new stimulus package. Though interest rates have fallen to record lows, homebuyers are struggling to find homes on the market. [The home shortage] is leading to a frenzied environment of multiple bids, price escalation clauses and inspection waivers, George Ratiu, via MarketWatch. At this pace, tighter lending standards and low inventory will squeeze housing activity and we will see a substantial slow down in sales in the second half of this year, George Ratiu, via Market Watch