Mortgage Rates Hit Record Lows for Three Consecutive Weeks
This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:
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“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”
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In addition, move.com notes:
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“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com® 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® 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.”
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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.
Bottom Line
If you’re in a position to buy a home this year, it’s a great time to reach out to a local real estate professional to initiate the process while mortgage rates are historically low.
Feel free to reach out to me if you have any questions about the home buying process in Chandler or the East Valley. As a trusted real estate professional, I can answer your questions and help you determine your next steps. Just give me a call/text at 602-295-6807 and I will be glad to help.
"Real Estate is not just a job for me, it's about making a difference in the lives of others"
Troy Erickson Realtor
Call/Text: 602-295-6807
[email protected]
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Troy Erickson has been blogging about Arizona real estate since 2006. He is a residential real estate agent who specializes in helping home buyers, sellers, and investors in Chandler and the East Valley. He has been recognized for his local market expertise, and frequently volunteers within his community.