Mortgage rates fell to another record low last week. This marks the 13th time this year alone.
According to Freddie Mac, the average interest rate on a 30-year fixed-rate mortgage dropped to the lowest level in the nearly 50 years of the mortgage giant’s survey. Reasons given for the drop center around weaker consumer spending data, which accounts for the majority of economic growth. Sales of existing homes continued upward in October, boosted by buyers with jobs, savings and the ability to work from home. According to Freddie Mac, strong housing demand continues to have a domino effect on many other segments of the economy despite economic growth remaining somewhat unstable.
The continuing low interest rates have helped to fuel a boom in the US housing market. What does this mean for you and your mortgage? Feel free to reach out to Scott Bennett at 503-703-4699 or firstname.lastname@example.org to talk about your current situation.