Rates Hit Record Lows

Mortgage Rates Hit Record Lows for Three Consecutive Weeks

Once again mortgage rates hit record lows! Over the past several weeks, Freddie Mac has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to 3.03%. Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 (See graph below):

What does this mean for buyers?

This is huge for homebuyers. Those currently taking advantage of the increasing affordability that comes with historically low interest rates are winning big. According to Sam Khater, Chief Economist at Freddie Mac:

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”

In addition, move.com notes:

“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com^® monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of 85 million unique users. Realtor.com^® daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.”

Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.

A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a bigger home than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis.

So, if you’re in a position to buy a home this year, let’s connect to initiate the process while mortgage rates are historically low.

Begin Your Naples Property Search

Thus, if you’re ready to begin your search for your Naples home, or a southwest Florida Luxury home or condo, we encourage you to explore our website to find information about communities in the area. If golf is your game, we specialize in golf community real estate and would be happy to help you navigate the more than 150 different golf communities in our area. If you prefer a more direct approach, we will provide a list of properties that meet your criteria and/or communities that meet your needs.

Also, if you are considering new construction, remember the contractor’s real estate agent represents the builder’s best interest, not yours. There is no cost for you to have an agent represent you. In fact, we may be able to help you save money and negotiate for extras which the builder may not let you know about.

Lastly, we will handle all contract negotiations utilizing paperless transactions for your property from offer to close!

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Bottom Line:

If you’re looking for a focused and goal-oriented real estate representative in Naples, Bonita Springs, Estero or Fort Myers who will help you achieve your Real Estate needs, please reach out to us directly. Additionally, if you are looking for a golf community expert or you are considering buying or selling a home, a luxury home, vacation home, golf home or dream home, call us or text us at 239-370-0892 or email Matt at Matt@NaplesGolfGuy.com