On Friday, July 9, 2020, Freddie Mac announced that the 30-year fixed rate mortgage averaged 3.03%. This is the lowest rate in history.
“The summer is heating up as record low mortgage rates continue to spur homebuyer demand,” said Sam Khater, Freddie Mac’s Chief Economist. “However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.” Freddie Mac
- 30-year fixed-rate mortgage averaged 3.03 percent with an average 0.8 point for the week ending July 9, 2020, down from 3.07 percent. A year ago at this time, the 30-year FRM averaged 3.75 percent.
- 15-year fixed-rate mortgage averaged 2.51 percent with an average 0.8 point, down from last week when it averaged 2.56 percent. A year ago at this time, the 15-year FRM averaged 3.22 percent.
- 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.02 percent with an average 0.3 point, up slightly from last week when it averaged 3.00 percent. A year ago at this time, the 5-year ARM averaged 3.46 percent.
Low interest rates are beneficial for home buyers, but due to the decreased supply of homes on the market in the most popular price ranges in Reno-Sparks, buyers should be pre-approved and prepared to make a strong offer on a home they are interested in.
For the most recent Northern Nevada real estate market information, click here or reach out. We would be happy to answer any questions you may have about buying or selling real estate in Reno-Sparks.