It is a good time to consider investment properties, cashing out, trading up, downsizing or refinancing!
The average rate of a 30-year fixed rate mortgage fell to a historic low of 3.29 percent last week. This is one of the lowest rates in almost 50 years. Sam Khater, Freddie Mac’s Chief Economist, said “Mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down. Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy.”
According to the report, rates for a 15-year fixed-rate mortgage averaged 2.79 percent, which is down from 2.95 percent from the previous week. Last year the rate for a 15-year fixed-rate mortgage was 3.83 percent. The refinance index increased 26 percent from the previous week and was 224 percent higher than the same week in 2019.
Call The Park City Investor Team at 435.640.6966 for help with your Real Estate needs.
