Mortgage rates in the US remained flat but close to record lows indicating the time to buy a home or refinance is still a wonderful opportunity.
The average for 30 year fixed rate loans dropped remained at 2.87% which is still near the 2.81% which was the lowest in the 50 years that these records have been tracked. See here for Phoenix Metro Arizona Home Loans.
Freddie Mac Weekly Mortgage rate survey for weeke of 9-2-21
The Freddie Mac Survey 9-2-21 reported, "Economic growth and the acceleration in inflation have moderated in the last month, giving the markets comfort and leading to a stabilization in mortgage rates. Heading into the fall, home purchase demand is stable, home sales remain firm and above pre-pandemic levels, and inventory of unsold homes is tight but improving modestly. These factors will allow for home price pressures to ease over the remainder of the year."
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,
Near Record Low Mortgage rates are GOOD!
Mortgage Rates remain near record lows
Rates aren’t expected to jump significantly any time soon by many industry analysts, however the future is unknown and the time to buy may be NOW.
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