January 2020 Market Update: low mortgage rates give buyers another chance

Mortgage Rates continue to stay low!

With the strength of the economy, it’s surprising mortgage rates continue to stay low through the end of the year. 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. Rates continue to hold steady at the lowest points in the past three years. Now we wonder for how much longer…

Average National Mortgage Rates Chart January 2020 FreddieMac

According to Freddie Mac as of January 2, 2020:

The combination of improved economic data and market sentiment has led to stability in mortgage rates, which have hovered around 3.7 percent for nearly the last two months. The stability is welcome news after the interest rate turbulence of the last year, which caused a slowdown in the housing market and other interest rate sensitive sectors. The low mortgage rate environment combined with the red-hot labor market is setting the stage for a continued rise in home sales and home prices.

January 2020 average mortgage rates FreddieMac

There are many reasons to refi or lock a purchase rate.


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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

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