Interest Rate Update...

By
Real Estate Agent with KW Evolution - Topsfield, MA 92593-B

Can Interest Rates be lower? Who knows? I didn't think they'd be this low. One of my clients just refinanced at 2.75% fixed 30 years. BUYERS do not procrastinate! Now to get inventory numbers up. SELLERS. we know you are out there...lol

Mortgage Market Report
for the week ending on October 8, 2020

 

Average weekly rate data as provided by the Freddie Mac Primary Mortgage Market Survey®

10/08/20
(most recent)

Trending

Average
Rate

Points
& Fees

Margin

 30-Year Fixed Rate

▼ down

2.87%

0.8

N/A

 15-Year Fixed Rate

▲ up

2.37%

0.7

N/A

 5/1-Year ARM

▼ down

2.89%

0.2

2.75

10/01/20
(previous week)

Average
Rate

Points
& Fees

Margin

 30-Year Fixed Rate

2.88%

0.8

N/A

 15-Year Fixed Rate

2.36%

0.7

N/A

 5/1-Year ARM

2.90%

0.2

2.75

The data presented above are the exact published results of Freddie Mac’s Primary Mortgage Market Survey® (PMMS®) and are provided for informational purposes only. The data are not rate quotes and are not intended as an advertisement of interest rates as defined by Regulation Z, Section 1026.2.

Mortgage Rates Remain Flat

“The year-long slide in mortgage rates seems to be ending as rates have flattened over the last month and the economic rebound has slowed. But with near record-low rates, buyer demand remains robust with strong first-time buyers coming into the market. The demand is particularly strong in more affordable regions of the country such as the Midwest, where home prices are accelerating at the highest rates over the last two decades.”

– Sam Khater, Chief Economist, Freddie Mac

Posted by

I pray that God our Father and the Lord Jesus Christ will be kind to you and bless you with peace

2 Thessalonians 1:2

 

Doug Dawes REALTOR®, AWREP, LMC

Broker Sales Associate

KELLER WILLIAMS REALTY - Topsfield/Newburyport

49 Main Street
Topsfield, MA 01983
 978-887-3995  ~ Office
 978-270-3037  ~ Cell
 DougDawes@KW.com

Comments (10)

Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

Roger that Doug Dawes ! How Low Can They Go! It is sure nice while it lasts. Jeff 

Oct 08, 2020 10:17 PM
Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Great message Doug call me the contrary, I  would not let Diane refinance... I told her to keep pushing down the Principal... and then we will be debt free, Endre

Oct 08, 2020 11:12 PM
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Doug Dawes - these rates continue to amaze.  Buyers need to have a strategy, however, in this market of low inventory.

Oct 09, 2020 03:45 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Doug, I closed a buyer last Thursday and one closes today, they both got 2.625%.   This is AMAZING!   Did not think they would ever get this low.

Oct 09, 2020 04:45 AM
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

God morning Doug. These artificially low rates may stay down for the near future. Enjoy your day!

Oct 09, 2020 05:09 AM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Wayne Martin I think for the near future and possibly another year or so

Oct 09, 2020 07:09 AM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI It sure is, but for how long no one knows. Enjoy it while it lasts

Oct 09, 2020 07:10 AM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Pam & I refinanced by decreasing from 30 years to 25 then 25 years to 20 all-the-while making additional principal payments when we could Endre Barath, Jr. 

Oct 09, 2020 07:13 AM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

Good Morning Grant Schneider 

A good plan is more important than ever these days

Oct 09, 2020 07:14 AM
Doug Dawes
KW Evolution - Topsfield, MA - Georgetown, MA
Your Personal Realtor®

It really is amazing Joan Cox Congrats to your client. They must have been stoked!

Oct 09, 2020 07:15 AM