CUSTOM JAVASCRIPT / HTML
Mortgage Rates Hit Record Lows for Three Consecutive Weeks
KEVIN SCHUMACHER
What does this mean for buyers?
This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:
“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”
In addition, move.com notes:
“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com® 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® 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.”
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.
It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home 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.
Bottom Line
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.
COPYRIGHT
© The Kevin Schumacher Team @ eXp Realty LLC. All Rights Reserved. Realty Licensed in the state of Colorado.
ADDRESS
Kevin Schumacher Team
1635 Foxtrail Drive
Loveland, CO 80538
Phone: (720) 230-3030
These Properties are provided courtesy of IRES. Information is being provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information herein is believed to be accurate and timely, but no warranty as such is expressed or implied. Real estate listings held by brokerage firms other than The Kevin Schumacher Team at EXP Realty are governed by MLS Rules and Regulations and detailed information about them includes the name of the listing companies. All properties are subject to prior sale, change, or withdrawal. Costs and conditions apply call for details. Not intended to solicit buyers under buyers agency, not intended to solicit listings currently listed. *The statements and opinions contained in this advertisement are solely those of the individual author and do not necessarily reflect the positions or opinions of eXp Realty, LLC, or its subsidiaries or affiliates (the “Company”). The Company does not assume any responsibility for, nor does it warrant the accuracy, completeness or quality of the information provided. ©Copyright 2020, Listings provided by IRES.
CUSTOM JAVASCRIPT / HTML
