The 30-year home loan has officially hit its lowest level ever.
According to mortgage buyer Freddie Mac last Thursday, the average 30-year fixed mortgage rate fell to 3.07% which is lower than the prior week’s 3.13%. This was the second record-breaking week in a row since Freddie Mac began tracking rates in 1971, .
For comparison purposes, one year ago the rate was 3.75%.
The average rate on a 15-year fixed rate mortgage also fell – From 2.59% to 2.56%, while a year ago it was 3.18%.
These incredibly low interest rates come as the United States housing market is beginning to rebound after coronavirus fears temporarily froze the market and inventory was sharply reduced.
Optimism is increasing for the U.S. housing market as a report on pending home sales showed Americans signing home purchase contracts jumping 44.3% in May.
If you’ve been wondering when the right time is to buy a home, consider the savings you could now benefit from by purchasing while mortgage rates are at such historic lows.
For more information and to begin your home search, contact Jason Taub, Realtor® in Fort Lauderdale, Florida.
Source: Florida Realtors
