{"id":949,"date":"2020-07-15T21:52:59","date_gmt":"2020-07-15T21:52:59","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=949"},"modified":"2020-07-15T21:52:59","modified_gmt":"2020-07-15T21:52:59","slug":"mortgage-rates-hit-record-lows-three-consecutive-weeks","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/mortgage-rates-hit-record-lows-three-consecutive-weeks\/","title":{"rendered":"Mortgage Rates Hit Record Lows for Three Consecutive Weeks"},"content":{"rendered":"
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Mortgage Rates Hit Record Lows for Three Consecutive Weeks<\/p><\/div>\n

Over the past several weeks,\u00a0Freddie Mac<\/em>\u00a0has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to\u00a03.03%<\/a>. Last week\u2019s reported rate reached the lowest point in the history of the survey, which dates back to 1971\u00a0(See graph below<\/em>):<\/p>\n

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30-year fixed mortgage rate reaches lowest level in survey history<\/p><\/div>\n

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

This is huge for homebuyers. Those currently taking advantage of the increasing\u00a0affordability<\/a>\u00a0that comes with historically low interest rates are winning big. According to Sam Khater,\u00a0Chief Economist<\/em>\u00a0at\u00a0Freddie Mac:<\/em><\/p>\n

\u201cThe summer is heating up as record low mortgage rates continue to spur homebuyer demand.\u201d<\/em><\/p><\/blockquote>\n

In addition,\u00a0move.com<\/em>\u00a0notes<\/a>:<\/p>\n

\u201cSummer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com\u00ae<\/sup><\/strong>\u00a0monthly traffic hit an all-time high of 86 million unique users in\u00a0June 2020, breaking May\u2019s record of 85 million unique users. Realtor.com\u00ae<\/sup><\/strong>\u00a0daily traffic also hit its highest level ever of 7 million unique users on\u00a0June 25, signaling that despite the global pandemic buyers are ready to make a purchase.\u201d<\/em><\/p><\/blockquote>\n

Clearly, buyers are capitalizing on today\u2019s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.<\/p>\n

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Mortgage Payment for a $300,000 Loan by Decade<\/p><\/div>\n

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\n
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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\u2019s a\u00a0bigger home<\/a>\u00a0than what they\u2019d 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\u2019s health crisis.<\/p>\n

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

If you\u2019re in a position to buy a home this year, let\u2019s connect to initiate the process while mortgage rates are historically low.<\/p>\n<\/div>\n<\/div>\n<\/article>\n

 <\/p>\n

Contact us:<\/strong>
\nPHP Houses
\n142 W Lakeview Ave
\nUnit 1030
\nLake Mary, FL 32746
\nPh:\u00a0(407) 519-0719<\/span>
\nFax:\u00a0(407) 205-1951<\/span>
\nemail:\u00a0info@phphouses.com<\/p>\n

Let\u2019s Connect:<\/strong>
\nFacebook<\/a>
\nLinkedin<\/a>
\nTwitter<\/a>
\nInstagram<\/a><\/p>\n

THE INFORMATION PRESENTED IN THIS ARTICLE IS FOR EDUCATIONAL PURPOSES ONLY AND SHOULD NOT BE CONSIDERED LEGAL, FINANCIAL, OR AS ANY OTHER TYPE OF ADVICE.<\/em><\/h6>\n","protected":false},"excerpt":{"rendered":"

Mortgage Rates Hits New Low Finish Reading Mortgage Rates Hit Record Lows for Three Consecutive Weeks<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[18,16,27,52,9,40,117,116,33,63,20,12,24,48,54,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/949"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=949"}],"version-history":[{"count":1,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/949\/revisions"}],"predecessor-version":[{"id":953,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/949\/revisions\/953"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}