Rates drop to lowest level in 50 years

Rates drop to lowest level in 50 years

The 50 year fixed mortgage rates dropped below 3% this week. it’s lowest level in 50 years.

These historic low rates are 2.98% It’s the first time the rates have fallen below 3% since Freddie Mac started tracking them in 1971.

Freddie Mac’s chief economist, Sam Khaler, states,”Mortgage rates fell below 3% for the first time in 50 years. This drop has lead to increased homebuyer demand, and these

low rates have capitalized into asset prices in support of the financial markets.

the 15 year fixed is 2.48 and the 5 year treasury bond is 3,06%

As expected, mortage applications are up 5.1% this week.

Despite the coronavirus, it is still a seller’s market in LS with an inventory shortage and an increase in Buyer’s demand.

 

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