The 30-year fixed-rate mortgage rate averaged 2.71% this week, holding at the all‑time low first set last week, Freddie Mac reported.
The ultra-low mortgage rates are making homebuying more attractive and boosting sales activity to the highest level since 2006, economists said at the National Association of REALTORS®’ virtual Real Estate Forecast Summit on Thursday. While home prices are rising annually by double-digit percentages, mortgage payments remain more affordable due to low mortgage rates.
Home prices have jumped 16% compared to a year earlier, but monthly mortgage payments with 30-year fixed-rate mortgages have increased by only $10. Also, the average American is earning about $380 more per month compared to a year earlier, notes NAR researcher Nadia Evangelou at the association’s Economists’ Outlook blog.
Freddie Mac reports the following national averages with mortgage rates for the week ending December 10th:
Freddie Mac reports average points along with commitment rates to better reflect the total upfront cost of obtaining a mortgage.
Source: National Association of Realtors, www.nar.realtor.
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