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Homebuyers are coming out of coronavirus isolation and are swarming back into the housing market, lured by falling house prices and some of the lowest mortgage rates ever seen.
A trade group reports that applications for homebuyer mortgages have been rising for weeks and saw a particularly big jump last week.
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With interest rates falling to the lowest level on record, this should be a banner time for households in search of a new mortgage
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With help from Chairman Jerome Powell and the Federal Reserve, mortgage rates are starting to fall to levels that would have seemed impossible a few months ago.
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Mortgage rates fell again today. Whereas yesterday’s improvements arrived in choppy fashion only after many lenders quoted higher rates in the morning. Today’s improvement was more conclusive and more consistent from lender to lender. While there were a handful of mid-day improvements in response to bond market strength, most lenders were at least as low as they’d ever been to start the day. Many lenders were decidedly lower, bringing the average top tier conventional 30yr fixed quote dangerously close to cracking below the 3.0% barrier.
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