Home Buying a Home Time to buy in 2020? Mortgage rates hit a new low

Time to buy in 2020? Mortgage rates hit a new low

by Eric Rothman
0 comment

If you have been waiting for interest rates to lower before buying a new home or refinancing your current home, the time has come. Reports this week show that rates have fallen to their lowest in a year.

According to mortgage guarantor, Freddie Mac, the average 30-year fixed-rate mortgage averaged 4.35% interest in February, the lowest since early 2018.

(Week of Feb 28th mortgage interest averages, via Freddie Mac)

It’s A Great Time To Buy A Home

“The assumption by experts coming into 2019, was that interest rates would continue to rise, possibly as high as 5%,” said Doug Sheridan, Director of REX Home Loans. “But, with global economic and trade uncertainty, the market has come back down a bit, which is great for buyers.”

On top of the improved interest rates, buyers will also be happy to know that home prices overall have become more reasonable. According to a recent report by S&P/Case-Shiller, “home prices in the 20-metro area increased 4.2 percent from a year ago in December, the smallest gain since November 2014.”

“Whether you are looking to buy a new home, or refinance your existing home, it’s the perfect time to take advantage of the market,” said Sheridan. “We don’t expect this reprieve to last too long.”

REX Home Loans offers a simplified, tailored loan experience backed by exceptional service. Whether you have a pre-approval and want a better rate, or need to refinance your current mortgage, REX Home Loans provides competitive rates and the lowest fees.

Get pre-approved in just a few minutes. Visit REX Home Loans here.

Here are some other articles you may enjoy:

Related Articles