Mortgage Rates Drop, Reaching Another All-Time Low
While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market.
Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009.
Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood. However, it will be difficult to sustain the momentum in demand as unsold inventory was at near-record lows coming into the pandemic and it has only dropped since then.
Current Mortgage Rates Data Since 1971 xls
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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