Hi, everyone,
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!
Best,
Joujou
