Mortgage Rates Drop, Hitting a Record Low for the Eighth Time this Year
The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand.
We expect rates to stay low and continue to propel the purchase market forward.
However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.
If you are looking to get pre-approved for a mortgage, I would suggest consulting with Cindy Kramer, the VP of Mortgage Lending at Guaranteed Affinity. She is my trusted mortgage expert. Not only is she knowledgable, but she also is accessible, has very competitive rates, and is wonderful to work with.
Mortgage Bankers Association
Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
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