Increases in Miami (up 36.2%) and Honolulu (up 23.5%) reflect remote work trends, but 8 cities with “top 10” price increases are ones with still-affordable housing.NEW YORK – Some
Mortgage Rates Dip to New Record Low ☘ Hoey Team ☘ eXp Realty
Dated: May 3 2020
Mortgage rates reached a new record low this week, with the 30-year fixed-rate mortgage falling to its lowest average ever since Freddie Mac began tracking such data in 1971. “The size and depth of the secondary mortgage market is helping to keep rates at record lows,” says Sam Khater, Freddie Mac’s chief economist. “These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April.
While many people are benefiting from low mortgage rates, it’s important to remember not all people are able to take advantage of them given the current pandemic.”
Freddie Mac reported the following national averages with mortgage rates for the week ending April 30:
- 30-year fixed-rate mortgages: averaged 3.23%, with an average 0.7 point, falling from last week’s 3.33% average. The previous all-time low for the 30-year mortgage was 3.29%, set during the week ending March 5. A year ago, 30-year rates averaged 4.14%.
- 15-year fixed-rate mortgage: averaged 2.77%, with an average 0.6 point, falling from a 2.86% average. A year ago, 15-year rates averaged 3.60%.
- 5-year hybrid adjustable-rate mortgages: averaged 3.14%, with an average 0.4 point, dropping from a 3.28% average. A year ago, 5-year ARMs averaged 3.68%.
Freddie Mac reports average commitment rates, along with average fees and points, to reflect the total upfront cost of obtaining a mortgage.
Article content from our National Accociation of REALTORS (NAR) Newsletter Magazine, and from other sources including Hoey Team ☘ and Freddie Mac
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Hope Everyone Remains Safe; we are all in this together; and we trust that we will get through this Coronavirus COVID-19 pandemic more united, as one, with as little loss as possible; and that we stay safe as we all get back to work in a responsible way.
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