Mortgage Rates Hit 15th Record Low This Year

The 30-year fixed-rate mortgage, the most popular long-term commitment after marriage, fell to a record low of 2.67%, according to Freddie Mac. That’s 1) the 15th record low this year and 2) the lowest since Freddie started tracking ~50 years ago.

  • FYI: Freddie Mac is a government-sponsored mortgage investor. To calculate the average rate, it compiles rates extended to “high-quality” borrowers by 80 lenders across the country.

Bargain basement rates have pushed folks who might otherwise have held off a few years into the homebuying ring. Compared to 2019, mortgage applications are up 26% and refinances 105%, per the Mortgage Bankers Association.

Economists expect that momentum to continue into 2021, especially after the Fed recommitted Wednesday to its bond-buying program (which includes mortgage-backed securities that have helped keep rates down).

While we’re here…amazing news for aspiring Chip and Joanna Gaineses. Returns on home flips are at a two-decade high, according to ATTOM Data Solutions. But good luck getting your hands on cheap property: Surging home sales have squeezed supply and inflated prices.

Full Article

by: Alex Hickey

Published by howard rudzki

Howard Rudzki HOWARD RUDZKI Howard Rudzki has turned his passion for bike riding, dogs and education into vehicles to help for good. He started out bike riding when he was 20 for the pleasure and enjoyment that a good ride provides and has been a committed cyclist ever since. Rudzki rides every week either by himself or as part of group and annually participates in fundraising rides. For the last three years, he has ridden in America’s Most Beautiful Bike Ride, raising money for The Leukemia & Lymphoma Society, whose mission is to find a cure for leukemia, lymphoma, Hodgkin’s disease and myeloma and improve the quality of lives for their patients and families.When he is not riding, Rudzki spends his time going to animal shelters across the L.A. Basin rescuing older dogs. He is committed to saving displaced, unwanted canines and rehabilitating them with proper medical and nutritional care so they can thrive in safe and caring homes where they will be a loved family member.In addition to helping animals, Rudzki believes he has an obligation to give back to underprivileged communities so that all children are able to receive a good education. Over the years, he has donated computers, printers and software to schools to help develop the future leaders of our city.