Market Update

Mortgage rates drop again, housing hits the gas

Mortgage rates drop again, housing hits the gas

For 17-straight weeks, the 30-year fixed-rate mortgage interest rate has averaged below 3%. This week the Freddie Mac 30-year fixed-rate mortgage average dipped to another historic low, the thirteenth this year, hitting 2.72%. Freddie Mac’s Chief Economist Sam Khater cited weak consumer spending as the reason for the decline. 

Historically low rates giving buyers more spending power, combined with the COVID-related push to buy a home with more space instead of renting, have resulted in a surge of homebuying activity.

Continue reading Mortgage rates drop again, housing hits the gas at Movement Mortgage Blog.

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