The year of 2020 will be remembered by many people and for many reasons. The year was rocked by a pandemic with a ripple effect that created an economic recession; complex social unrest; and a highly polarized presidential election. Oh, and let’s not forget it was also a year of historically damaging wildfires and hurricanes!
Home owners and home buyers across the nation are thrilled to have an opportunity to secure a mortgage rate that is the lowest rate ever offered in the US. During a year that has seen a pandemic and civil unrest, the nation also enters a time where the average lender is offering mortgage rates that are below 3%.
The percentage of refinance loans increased to 55% in March, with growth occurring across every type of loan. The average interest rate for 30 year fixed rate loans in March was the lowest it has been since January of 2013.
Mortgage rates were low in January and continued to fall to historic lows in February. According to many sources, now is a great time to refinance a home, or get a great mortgage on a home purchase.
Debates about the future of our national economy have always involved many different viewpoints and opinions. Economic advisors and experts build their opinions on a variety of factors, and it is interesting to read their diverse projections. One thing they cannot debate is the fact that our nation has had a decade of low interest rates.
If you purchased a home in the 80’s it likely included a double-digit mortgage interest rate. According to an article on ValuePenguin.com “over the past 48 years, interest rates on the 30-year fixed-rate mortgage have ranged from as high as 18.63% in 1981 to as low as 3.31% in 2012.” You can read the complete article including historical graphs here:
Notary Near You, strives to stay abreast of industry changes as we search for ways to better serve our customers.
Real Estate professionals understand the importance of staying ahead of the curve regarding buying trends, interest rates, and other key topics that impact the buyers and sellers’ we serve.
The entire team at Notary Near You, strives to stay abreast of industry changes as we search for ways to better serve our customers. With the variety of real estate predictions, available from a vast array of sources, we carefully choose what information we bring forward.