Despite the current COVID-19 outbreak, home buyers can take heart, knowing that the
property mortgage rates have touched all-time lows of late.
Freddie Mac
On June 4, Freddie Mac revealed that 30-year mortgages are charging 3.18% interest on
average, while the interest rate on a 15-year mortgage is just 2.62%. These are the lowest
levels since 1971 when Freddie Mac started recording mortgage interest rates.
Mortgage Bankers Association
As a result, home buyers are now coming out in numbers. The Mortgage Bankers
Association released data that shows that mortgage applications have gone up by 5%
week-over-week, while loan applications are 18% more than what they were at the same
time during the previous year.
Freddie Mac and the Mortgage Bankers Association have predicted low interest rates on
mortgages in the foreseeable future under the current economic climate.
Housing Sector Outlook
The housing sector has shown surprising resilience in the wake of the coronavirus
outbreak where the overall economic outlooks appears rather bleak. The home market is
going strong due to the greater number of buyers owing to record-low interest mortgages.
You can get a mortgage loan at a fixed or variable interest rate. Mortgages with variable
interest rates allow you to take advantage of possible low interest rates in the future.
However, if the interest rate rises, you will have to pay more. With a fixed interest rate, you
can enjoy peace of mind knowing exactly the amount that you have to pay.
The Best Time for a Mortgage
There has never been a better time than now to take out a mortgage loan and buy a new
home for yourself. Invest in the home of your dreams and get the best interest rate on your
mortgage so that you can pay back easily.
If you have good credit and can afford to make a 20% down payment, you may be eligible
for an unbelievably low interest rate on your mortgage.
For mortgages at the best terms and conditions, you can depend upon Mr. Credit. Contact
us today.