Running Out of Adjectives To Describe Low Interest Rates

When will the bottom hit? That’s question is probably more appropriate when talking about mortgage rates than home prices. Many locations throughout the US have likely seen the bottom of the market in terms of pricing, but the mortgage rates just keep dropping lower. Freddie Mac’s official release this past week indicated new records for both 30-year and 15-year fixed rate mortgages. The 30-year mortgage averaged just 3.56% which was down from 3.62% the week prior. Meanwhile, the 15-year fixed rate mortgage average recorded its lowest ever average rate of 2.86%, down from 2.89% last week. This continues to be excellent news for those looking to buy. Even individuals who are able to purchase in cash may consider a loan at this point with interest rates so incredibly low since it’s really possible to invest the difference in cash to see a greater return than 3%.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.