Freddie Mac said in its weekly survey that average rates on a 30-year fixed mortgage have fallen to 3.45%, the lowest mark in three years.
One year ago, the same rate was at 4.41%. The plunge has been a boom for the housing market early in 2020 as homeowners rush to refinance or lock in low rates for their home purchases.
January jobs report on Friday suggested the U.S. economy is still creating new jobs. Employment increased by 225,000 jobs in January, beating expectations of 158,000. Analysts believe a peppy economy and warmer than usual weather helped push the number higher than estimates. The unemployment rate in the U.S. is now at 3.5%, among the lowest rates in recent history. This is all good news for home loan interest rates!
ACT NOW BEFORE RATES GO UP!!
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Please contact us today and we will begin the journey to discovering your dream home.
Go to our Advanced Home Search, that will automatically email you daily updates as new properties hit the market. Or call Brian at (480) 600-2477, and we’ll set a MLS search for you.