We continue to keep our eye on mortgage rates to gauge the state of the housing market and the latest rates are at an all time low!
According to lending giant Freddie Mac, as of a week ago, 30-year fixed rate mortgages fell .06% to 3.34% while 15-year rates fell .04% to 2.65%.
While it may seem to be a marginal decrease week-over-week, it’s a huge dip from the previous year. Last year at the same time, 30-year mortgages had an interest rate of about 4%.
Lower interest rates means more incentives for buyers. As we’ve seen in the past, financial strain is one of the main reasons people are less likely to buy homes and achieve “The American Dream”. But with mortgage rates falling to such lows, it eases the financial burden a bit, affording more people to get in touch with agents like you to find their dream home. Even in the slow season, these rates might encourage more business through the holidays.
If you have clients or prospects who are unsure of buying simply because they aren’t sure about their monthly mortgage payments, Homes.com is here to help. Direct them to our handy Mortgage Calculator to start a realistic conversation about what it would look like financially for a home purchase with the current rates the way they are.
Have you encountered buyers who get in touch with you simply because of the current mortgage rates?