Mid June 2020 Market Update: Mortgage Rates Drop AGAIN, Reaching Another All-Time Low
Mortgage Rates Hit Another All-Time Low in the Middle of June
Mortgage rates continue to bounce at the bottom of the market for 4th month in a row.
June marks the re-opening of the economy, and rates seemed to want to bounce back up… but we continue 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:
“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”
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