I have some great news! Mortgage rates are headed for an all-time low!
30-year fixed-rate mortgage rates averaged 2.78% with an average 0.7 point, down from 2.88% last week and 3.01% a year ago. Rates for 30-year loans hit an all-time low of 2.65% in records dating to 1971 during the week ending Jan. 7, 2021. Rates on 15-year fixed-rate mortgages averaged 2.12% with an average 0.7 point, lower than 2.22% last week and down from 2.54% a year ago. The mark was a new all-time low for 15-year fixed-rate mortgages in records dating to 1991, replacing the previous low set Jan. 7, 2021, when rates averaged 2.16%. If you have any questions about what this means for you, please give me a call.
And, good news for home buyers… house inventory is rising! According to Zillow, inventory has increased by 3% across the United States, including here in the Bay Area! If you are interested in seeing how the market is moving in your neighborhood, don’t hesitate to reach out!