Mortgage Rates Drop to New Record Low, But Limited Inventory is Hurting Sales
✉️ Want to forward this article? Click here.
Long-term mortgage rates dropped to a new record low this week which has more or less become the norm in 2020 when Freddie Mac reports new rates.
On Thursday, rates dropped to 2.71%, one basis point lower than the previous record low set just weeks ago. A year ago, rates were almost 100 basis points higher.
story continues below
loading...story continues above
“Despite persistently low mortgage rates, home sales have hit a wall," Freddie Mac's Sam Khater said in a release. "While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.”
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
See other articles related to: interest rates, mortgage rates, record low mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/mortgage-rates-drop-to-new-record-low-but-limited-inventory-is-hurting-sale/17606.
Most Popular... This Week • Last 30 Days • Ever

In this article, UrbanTurf will explore some of the more common methods that parents ... read »

The development pipeline in the Tenleytown and AU Park neighborhoods has dwindled in ... read »

A large new apartment project is in the works for the Long Branch section of Silver S... read »

Long-term rates have now fallen incrementally for the last few weeks.... read »

The housing market is off to a slow start this year.... read »
- How Can Parents Transfer Real Estate to Their Children?
- Stalled Or Full Steam Ahead: The 3 Developments In The Tenleytown and AU Park Pipeline
- 148-Unit Double Winged Apartment Building Pitched In Silver Spring
- Mortgage Rates Inch Down For 4th Week In A Row
- Slow Start: DC-Area Home Buyers, Sellers Cautious To Start 2025
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro