{"id":6021,"date":"2020-07-15T18:24:54","date_gmt":"2020-07-15T18:24:54","guid":{"rendered":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6021"},"modified":"2020-07-15T18:24:54","modified_gmt":"2020-07-15T18:24:54","slug":"mortgage-rates-hit-record-lows-for-three-consecutive-weeks","status":"publish","type":"post","link":"https:\/\/blog.sfloridaluxuryhomes.com\/?p=6021","title":{"rendered":"Mortgage Rates Hit Record Lows for Three Consecutive Weeks"},"content":{"rendered":"
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\"Mortgage<\/p>\n

Over the past several weeks, Freddie Mac<\/em> has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%<\/a>. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below<\/em>):<\/span>
\n\"Mortgage<\/a><\/p>\n

What does this mean for buyers?<\/strong><\/h4>\n

This is huge for homebuyers. Those currently taking advantage of the increasing affordability<\/a> that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist<\/em> at Freddie Mac:<\/em><\/p>\n

\n

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”<\/em><\/p>\n<\/blockquote>\n

In addition, move.com<\/em> notes<\/a>:<\/p>\n

\n

“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com®<\/sup><\/strong> monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of 85 million unique users. Realtor.com®<\/sup><\/strong> daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.”<\/em><\/p>\n<\/blockquote>\n

Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.\"Mortgage<\/a>A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home<\/a> than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you’re in a position to buy a home this year, let’s connect to initiate the process while mortgage rates are historically low.<\/p>\n

Content previously posted on Keeping Current Matters<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\"MortgageOver the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below): What does this mean for buyers? This is […]<\/div>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"bgseo_title":"","bgseo_description":"","bgseo_robots_index":"","bgseo_robots_follow":"","footnotes":""},"categories":[3,88,84,118,89],"tags":[],"class_list":["post-6021","post","type-post","status-publish","format-standard","hentry","category-blog","category-first-time-home-buyers","category-for-buyers","category-interest-rates","category-move-up-buyers"],"_links":{"self":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6021","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6021"}],"version-history":[{"count":0,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=\/wp\/v2\/posts\/6021\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6021"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6021"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.sfloridaluxuryhomes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6021"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}