Mid July 2020 Update: Mortgage Rates Drop Below 3% For The First Time in 50+ Years
Mortgage Rates Hit Another All-Time Low in the Middle of July
Mortgage rates continue to move slowly down while at the bottom of the market for 4th month in a row.
July marks a slowly and intermittent re-opening of the economy, and rates seemed to want to continue to support a strong mortgage market and recovery of the economy… continuing to hover near unprecedented five-decade low rates.
Home owners and buyers alike have a historic opportunity to lock a low mortgage rate like never before.
👉 http://getmyrate.snapfi.com
(3 mins – no commitments – no social security number or other personal information needed)
Interest rates are constantly changing and it’s imperative to look at the economy and housing market context. SnapFi reports the rates on the first week of the month from Freddie Mac. The important thing to keep in mind is that even if the rate climbs slightly month to month we need to look at the big picture.
According to Freddie Mac as of June 18, 2020:
“Mortgage rates fell below 3 percent for the first time in 50 years. The drop has led to increased homebuyer demand and, these low rates have been capitalized into asset prices in support of the financial markets. However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job losses.”
There are many reasons to refi or lock a purchase rate.
- Purchase a home at the lowest interest rate in 3+ years
- Lower your payment and keep more money in your pocket
- Pay off your mortgage earlier
- Consolidate your debt
- Make a remodel your reality
- Pay college tuition
Takes 3 mins, no need to run credit
snapfi, inc. is licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act NMLS #216565. This is not an offer of credit or commitment to lend. Loans are subject to buyer/property qualification. Rates/fees are subject to change without notice. Total Cash Required may include prepaids/impounds, not cash reserves which may be required for some conventional loans. Total Payment may include taxes, insurance & mortgage insurance.
Source: http://www.freddiemac.com/pmms