If you are still thinking about buying a home; now might be the time to call your Real Estate Agent to discuss a mortgage broker that can help you get a loan approval. Interest rates are at a historical low: The 30-year fixed-rate mortgage average hit 2.86% this week, according to Freddie Mac. Just one year ago, rates were considered low at 3.56%.
Purchase demand activity has been growing at double digit rates for four consecutive months.
In Freddie Mac’s data release notes this week, the company said, “These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months. However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.” (Source: Movement Mortgage)