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Mortgage Interest Rate Update: April 30, 2020

Mortgage rates have dropped to all-time low.

The average for a 30-year fixed-rate mortgage dropped from 3.33% to 3.23%, hitting a new all-time low this week. Rates are down almost a full percent from a year ago.

The rates for a 15-year mortgage dropped even further below 3%, down to 2.77%.

The current rates are at the lowest levels in history!

12 Month Rate Trends

Interest Rate Update

All Time Rate Trends

All Time Low Interest Rates

Update On The Effect Of COVID-19 Upon Real Estate

We have seen an increase in activity this week with both showings and new contracts. As more buyers resume their housing search, we are beginning to experience an even greater shortage of listing inventory.

If you are still searching for a home and are nervous about COVID-19, check out our recent blog post to learn about how we are adjusting our business practices to follow CDC recommendations. Many of our clients are turning to technology in order to stay safe. We are offering clients free online access to all of the local listing inventory, virtual showings, and electronic signatures for signing documents. You only really need to view one house in person, the one you purchase.

If you have further questions about buying and selling during this unique time, give us a call or send us a message.

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