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.
“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.
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
The 30,000 square-foot home has been privately offered for sale since 2018.... read »
DC's Office of Planning recently looked at DC's migration patterns in 2022. Today, Ur... read »
The residential conversion at a former bowling alley in DC is moving forward, and new... read »
When interest rates doubled in the second half of 2022, activity in the regional hous... read »
A new plan is on the boards for a group of five townhouses in the middle of DC's Chin... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
The two-building project will include approximately 825 residential units, 151 lodgin... read »
The development will be located a few blocks south of the Takoma Metro station.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro