Mortgage Rates Hit 12 Month Low
Another post about low mortgage rates? I’ll keep it short. It’s no secret rates are low, when the national average for a 30 year fixed rate mortgages averaged out in early February at 4.35%. compared to the national average of 4.54% in 2018. If you want a history of mortgage rates and where they have been you can click here. That’s the national average, by month from 1972-2019.
What this means:
Mortgage rates are at a 12 month low, a sign of a sputtering real estate market. Many agents are stating it’s a dramatically different market from 6 months ago when a buyer was expected to over bid on a home by thousands. This slow down has reduced rates and prices on real estate. Which creates an opportunity for buyers. With many down payment assistance resources available it’s never been easier or cheaper for a buyer to qualify for a home in the last 12 months. Those buyers who were discouraged by an inflated market earlier in the year are encouraged to come out of the woodwork and get qualified.
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Justin Scott
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NMLS 878581
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Executive Mortgage
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909 . E Walnut Street
Green Bay WI 54301