Loan limits will likely go up to $625K in 2022, but FHFA hasn’t announced it yet. Still, higher home values have convinced some lenders to boost loan limits now.WASHINGTON –
🚨 Mortgage Rates Remain at Record Lows This Week ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴
Dated: December 12 2020
The 30-year fixed-rate mortgage rate averaged 2.71% this week, holding at the all-time low first set last week, Freddie Mac reported.
The ultra-low mortgage rates are making homebuying more attractive and boosting sales activity to the highest level since 2006, economists said at the National Association of REALTORS®’ virtual Real Estate Forecast Summit on Thursday. While home prices are rising annually by double-digit percentages, mortgage payments remain more affordable due to low mortgage rates.
Home prices have jumped 16% compared to a year earlier, but monthly mortgage payments with 30-year fixed-rate mortgages have increased by only $10. Also, the average American is earning about $380 more per month compared to a year earlier, notes NAR researcher Nadia Evangelou at the association’s Economists’ Outlook blog.
Freddie Mac reports the following national averages with mortgage rates for the week ending Dec. 10:
- 30-year fixed-rate mortgages: averaged 2.71%, with an average 0.7 point, unchanged from last week. Last year at this time, 30-year rates averaged 3.73%.
- 15-year fixed-rate mortgages: averaged 2.26%, with an average 0.6 point, also unchanged from last week. A year ago, 15-year rates averaged 3.19%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.79%, with an average 0.3 point, falling from last week’s 2.86% average. A year ago, 5-year ARMs averaged 3.36%.
Freddie Mac reports average points along with commitment rates to better reflect the total upfront cost of obtaining a mortgage.
Here in Southwest Florida 🌴 especially as people continue to move / relocate to the area from other parts of the US, inventory remains low overall, but we do continue to list and sell homes; both Single family, and Condo type. We have also seen an uptake in people planning ahead, and buying that second home now, rather than waitiang as they were planning to do. Low interest rates are probably helping with this additionally. Low inventory is the greatest chalenge for buyers.
At our Real Estate Team; Hoey Team ☘ we have been succesfully working 100% virtually / remotely for the past number of years as we continue to grow; i'm glad we already had systems in place to better help sellers and buyer with goal posts continually moving in our industry.
Article content from our NAR (National Association of REALTORS) Newsletter Magazine, and from other sources including Hoey Team ☘ exp Realty and from Freddie Mac
For those Living in or Visiting Southwest Florida wanting additional resources, or a list of places to see / visit: www.VisitCollier.Com Feel free to share this resource page with others 🌴
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For more Real Estate related information, or if you have questions on any aspect of Buying, Selling, Upsizing, Downsizing, Moving within or Relocating to or from Florida (the number 1 state for people to move to), or on any aspect of the Real Estate Market, Locally, Nationally or Internationally, please let us know, we can help, we can address / answer your questions, and we are always available to help you or someone you know.
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