Freddie Mac reported several weeks of record low rates with the average 30-year fixed mortgage rate dipping to 3.03%. This is the lowest point in the history of the survey that began in 1971.

This is a huge advantage for potential homebuyers. The rates are super low and homes are very affordable. Many potential homebuyers can afford much more home than they could have this time last year.

“The summer is heating up as record-low mortgage rates continue to spur homebuyer demand,” said Sam Khater, Chief Economist at Freddie Mac.

This summer is hot in the housing market. According to realtor.com buyers are flooding the market. The monthly traffic is at an all-time high of 86 million unique users reported in June. Daily traffic also hit a high at 7 million unique users reported on June 25. Cleary buyers are ready to purchase a home even with the COVID-19 pandemic.

As mentioned earlier, buyers are able to afford more home with such low rates. As shown in the chart “the average monthly payment decreases significantly when rates are as low as they are today.”

Lower monthly mortgage payments allow homeowners to add up huge savings over the life of a home loan. Homebuyers can purchase a much bigger home in a more desirable location. Many homeowners are moving away from the cities and choosing suburban life among the COVID-19 crisis.

This is the perfect time for a potential homebuyer to purchase a home. A Realtor can help with the purchase of a new home while the rates are historically low.

Click Here For the Source of the Information.