{"id":7312,"date":"2020-07-15T10:00:45","date_gmt":"2020-07-15T10:00:45","guid":{"rendered":"https:\/\/thezakariagroup.com\/mortgage-rates-hit-record-lows-for-three-consecutive-weeks\/"},"modified":"2020-07-15T10:00:45","modified_gmt":"2020-07-15T10:00:45","slug":"mortgage-rates-hit-record-lows-for-three-consecutive-weeks","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/mortgage-rates-hit-record-lows-for-three-consecutive-weeks\/","title":{"rendered":"Mortgage Rates Hit Record Lows for Three Consecutive Weeks"},"content":{"rendered":"
\n

\"Mortgage<\/p>\n

Over the past several weeks, Freddie Mac<\/em> has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%<\/a>. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below<\/em>):<\/span>
\"Mortgage<\/a><\/p>\n

What does this mean for buyers?<\/strong><\/h4>\n

This is huge for homebuyers. Those currently taking advantage of the increasing affordability<\/a> that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist<\/em> at Freddie Mac:<\/em><\/p>\n

\n

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”<\/em><\/p>\n<\/blockquote>\n

In addition, move.com<\/em> notes<\/a>:<\/p>\n

\n

“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com®<\/sup><\/strong> monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of 85 million unique users. Realtor.com®<\/sup><\/strong> daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.”<\/em><\/p>\n<\/blockquote>\n

Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.\"Mortgage<\/a>A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home<\/a> than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.<\/p>\n

Bottom Line<\/strong><\/h3>\n

If you’re in a position to buy a home this year, let’s connect to initiate the process while mortgage rates are historically low.<\/p>\n<\/div>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below): What does this mean for buyers? This is […]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,104,101],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"\nMortgage Rates Hit Record Lows for Three Consecutive Weeks - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/mortgage-rates-hit-record-lows-for-three-consecutive-weeks\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Rates Hit Record Lows for Three Consecutive Weeks - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. 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