The average rate on a 30-year fixed-rate mortgage is the lowest since Freddie Mac started keeping records in 1971.
by Freddie Mac—the federally-sponsored mortgage corporation—breaking its previous low of 3.23% in late April, with this being the third new record low set in just the past few months. Rates like those aren’t available to everyone, though, since Freddie Mac comes up with its average by aggregating rates from 125 lenders and assuming that borrowers have flawless credit scores.
But while interest rates may have sunk, the actual price tag for houses hasn’t taken that big of a hit, at least compared to the economy as a whole. Though much of the economy has taken a massive hit, Zillow predicted earlier this month that home prices will only fall a modest 2-3% this year.—but even that hasn’t panned out yet, with the U.S. Census Bureau releasing stats this week showing home sales across the U.S. actually rose in April compared to sales seen in March. The 15-year interest rate, which is less popular than its 30-year counterpart, now sits at 2.62%, according to Freddie Mac.While interest rates may be enticing for buying a new house, many Americans have taken a huge financial hit during the coronavirus pandemic, and are struggling to even keep up payments on the house they’re living in. Somehomeowners were past due on their mortgages as of the end of April, according to a report, with the national delinquency rate shattering a previous record high and sitting at 6.45%. That led to many states putting a freeze on foreclosures and evictions, but many are now starting to reverse course while opening up their economies, as some Democratic politicians call for more widespread freezes on making monthly home payments. Lenders are also making it harder to get approved for a mortgage with tightening credit availability. JPMorgan Chase
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