Mortgage rates dropped to a 13-week low as we entered 2020. According to Freddie Mac, the current average rate on a 30-year, fixed-rate mortgage clocks in at just 3.64%—the lowest rate since October.
“Mortgage rates fell to the lowest level in 13 weeks, as investors sought the quality and safety of the U.S. Treasury fixed-income markets,” Khater said. “The drop in mortgage rates—combined with the strong labor market—should propel a continued rise in homebuyer demand.”
HAVE A HOME TO SELL? The fall in interest rates is creating an urgency in buyers. An accurately priced home will sell quickly, and the lower rates will give you more money to purchase your next home.
THINKING OF BUYING? Now is the optimal time to buy. Low rates give you a lower monthly payment and increases your overall spending budget. Fortunately, for buyers who can find available listings, inventory shortages have “not yet materialized into significant price gains,” according to Sabrina Speianu, Realtor.com’s senior economic research analyst.
Excerpts taken from Forbes.com Jan 10, 2020, 02:00pm Mortgage Rates Drop As Housing Inventory Hits Two-Year Low by Aly J. Yale Senior Contributor