For the sixth consecutive week, the amount of people applying for loans to purchase homes has risen. According to Freddie Mac, the 30-year fixed-rate mortgage has hit its lowest point since they’ve started recording rates, resulting in the higher number of loans. The previous record low for interest rates was at the end of April. This now marks the third time in 2020 that the mortgage market has recorded a historical low for interest rates. One factor leading to these low rates is the decreased financial volatility of the market in recent weeks. Consumers looking to buy homes in the coming months should try to take advantage of these low rates and judging by the uptick in purchase applications, they seem to be doing so.
Connect With Us
