Small businesses that borrowed $150K or less can soon apply for loan forgiveness directly through the Small Business Administration rather than their lender.WASHINGTON – The U.S. Small
Mortgage Rates Rise to a 3-Month High ☘ Hoey Team ☘ exp Realty 🌴 Southwest Florida 🌴
Dated: February 20 2021
The 30-year fixed-rate mortgage reversed course this week, moving up to a 2.81% average. That marks its highest point since mid-November, Freddie Mac reports.
“Economic spending has improved, due to the most recent stimulus, but supply chain shortages are causing downstream inflation, leading to higher mortgage rates,” says Sam Khater, Freddie Mac’s chief economist. “While there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.”
Indeed, mortgage rates continue to hover near record lows. The all-time low for the 30-year fixed-rate mortgage was 2.65%, set in January.
Freddie Mac reports the following national averages with mortgage rates for the week ending Feb. 18:
- 30-year fixed-rate mortgages: averaged 2.81%, with an average 0.7 point, rising from last week’s 2.73% average. Last year at this time, 30-year rates averaged 3.49%.
- 15-year fixed-rate mortgages: averaged 2.21%, with an average 0.7 point, increasing from last week’s 2.19% average. A year ago, 15-year rates averaged 2.99%.
- 5-year hybrid adjustable-rate mortgages: averaged 2.77%, with an average 0.2 point, dropping from 2.79%. A year ago, the average ARM averaged 3.25%.
Freddie Mac reports average points along with commitment rates to better reflect the total upfront cost of obtaining the 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 new properties to the market and sell many 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. For those relocating to Florida, we are pleased to be able to assist homeowners in other parts of the United States who need to sell to buy here; please reach out today for more information and how you can have a smooth, non-stressful transition / relocation.
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 Freddie Mac and Hoey Team ☘ exp Realty
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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