After economic activity slowed in the first half of the year, we saw record-low home mortgage rates in the third quarter of 2020. These historically low rates have been a strong driver in the housing market recovery. Many people have taken advantage of this trend to refinance and significantly reduce their monthly payments. It has also opened up opportunities for first-time homebuyers to explore homeownership as an option for them this year.
The average U.S. mortgage rate for a 30-year fixed loan fell below 3% and the average fixed rate for a 15-year mortgage below 2.5%. In comparison, a year ago the average rate for a 30-year fixed loan was 3.78% and the 15-year rate was 3.19%. 30-year fixed mortgage rates hit an all-time low of 2.86% in the second week of September. Currently, mortgage rates remain steady and hovering below 3%.
Whether you’re a current homeowner or a first-time buyer, there are opportunities for you to take advantage of today’s low mortgage rates.
- Become a homeowner.
- Refinance Your Existing Mortgage.
- Move Up to Your Dream Home.
- Downsize and Reduce Your Monthly Mortgage Payment.
- Purchase a Vacation Property.
- Purchase an Investment Property.
We would love the opportunity to help you with your mortgage needs! Contact one of our professional loan officers today at Wisconsin Mortgage Corporation to see how much you can afford. Then give your Shorewest, REALTOR® a call to make it happen.