When it comes to Mortgage Rates and home buyer purchasing power It Just Don't Get Any Better Than This! Mortgage rates fell again in the first week of August 2020 to all time record low levels of below 3% dropping to 2.88% for buyers with good credit.
This continues the ability for home buyers to increase their purchasing power and driving up home sales in the Phoenix Arizona metro area and also nationally. This low mortgage rate is also increasing the number of first time home buyers entering the market and also increasing the number of home owners refinancing the homes while mortgage rates are this low. See Arizona Mortgage Lenders.
It Just Don't Get Any Better Than This! (Former Old Milwaukee Beer Commercial with catchy saying)
Maybe this saying works for both mortgage rates and beer
First time home buyers entering the market with near record low mortgage rates Below 3%
Near record low mortgage rates attract first time home buyers and homeowners looking to refinance
"Mortgage rates fell yet again on a weekly basis for The 30-year fixed-rate mortgage below 3%
Rates Drop to 2.88% in August 2020 from 3.5% range for much of 2019
CNN Business and Anna Bahney reported Fri August 7, 2020 Mortgage rates are at historic lows. "The 30-year mortgage rate just hit its eighth record low so far this year.
The average interest rate on a 30-year fixed-rate mortgage fell to a record low of 2.88% this past week, according to Freddie Mac. That's the lowest level in the nearly 50 years of the mortgage giant's survey. The 15-year fixed-rate mortgage dropped to 2.44%.
The low rates give potential home buyers more purchasing power and should strengthen demand in the real estate market, Freddie Mac said. "We expect rates to stay low and continue to propel the purchase market forward," said Sam Khater, Freddie Mac's chief economist. "However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes." The number of homes for sale has fallen to some of the lowest levels on record, said George Ratiu, Realtor.com's senior economist. This has led to a frenzied environment of multiple bids, price escalation clauses and inspection waivers. "Historically-low mortgage rates are stoking demand for real estate, as buyers are rushing to lock-in low monthly payments," he said. "
Are you to buy your Dream Home in the Phoenix Arizona Metro?
If you are ready to sell a home and Buy your Dream Home this may be a great time. For Buyers mortgage rates are low and the economic outlook is promising.
Living in the Phoenix Metro Area including Scottsdale
Jeff Masich discusses living and buying a home in Phoenix metro area and Scottsdale
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Meet Jeffrey Masich, REALTOR® and call 480-242-6500 to get started
If you are looking to move to Arizona or Scottsdale and looking to buy a home in Arizona or sell a home in Arizona, contact Jeffrey Masich, Associate Broker and REALTOR® or Stacey Smith, REALTOR®. As a specialty, I am the KING of HOMES FOR SALE with RV GARAGE or RV GATE. I would be pleased to help you and look out for your best interests while finding you the right home at the right price!
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