Market Watch – Rates Drop – Housing Red Hot

Market Watch – Rates Drop – Housing Red Hot
This week we’ve seen rates drop below 3 percent for the first time in months. Freddie Mac reported the average for 30-year-rate-mortgage was 2.97%. This is the first drop below 3% in months and makes refinancing more attractive. The 15 year rate was nearly 2 and a quarter with Freddie reporting the 15-year fixed-rate average was 2.29%

The housing marketing remains scorching hot. Cities are seeing increased activity now as well. Inventories are at extremely low levels which is pushing prices higher as more buyers are entering the market. With inventory so tight and many buyers entering the market, we recommend you consult use for a free qualification to see how much you home you can finance and get a pre-qualification letter to help you get a hand up in the buying process.