Not Again? 2021 Yet ANOTHER Mortgage Rate Record Low!

Yes! Here we go again! 2021 begins with Mortgage Rates in the US hitting yet another RECORD LOW 2.65% for a 30 year mortgage about down about one point from a year ago and the time to buy a home or refinance have never been better.

The average on January 7, 2021 for 30 year fixed rate loans dropped from 2.67% the previous week to 2.65%, per the Freddie Mac Market Survey which is the lowest in the 50 years that these records have been tracked. 

These low mortgage rates have been the energy needed in a continuing housing rally nationwide and also here in our Phoenix metro market. Although the number of homes on the market is limited, the fuel provided by the low mortgage rates have been pushing up home prices. If you have been on the fence, now is the time to buy.

                              Record Low Mortgage rates are GOOD!

Mortgage Rates Now at new record low average of 2.65% First Week 2021

Freddie Mac reported, January 7, 2021, "A new year, a new record low mortgage rate. Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices. However, the forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season."

The future is unknown and the time to buy may be NOW.

Per Freddie Mac Primary Mortgage Market Survey® Mortgage Rates on January 7, 2021 with a Record Low

U.S. weekly averages as of 1/07/2021

30-Yr FRM
2.65%    
0.7 Fees/Points

15-Yr FRM
2.16%    
0.6 Fees/Points

5/1-Yr ARM
2.75%    
0.3 Fees/Points

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