{"id":16035,"date":"2020-06-22T10:02:01","date_gmt":"2020-06-22T15:02:01","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=16035"},"modified":"2020-06-22T14:21:04","modified_gmt":"2020-06-22T19:21:04","slug":"mortgage-rates-are-still-falling","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/big-data\/mortgage-rates-are-still-falling\/","title":{"rendered":"Mortgage rates are still falling, demand still rising"},"content":{"rendered":"

Mortgage rates have dropped to another record low with the fourth reduction this year<\/a> and buyers are taking notice. According to Mortgage Bankers Association (MBA) economist Joel Kan, \u201cThe housing market continues to experience the release of unrealized pent-up demand from earlier this spring, as well as a gradual improvement in consumer confidence.\u201d Mortgage applications rose 4% last week from the previous week and were 21% higher than last year, according to the MBA\u2019s seasonally adjusted index. Nine straight weeks of gains and the highest volume in more than 11 years is significant.<\/p>\n

A year ago the 30-year home loan averaged 3.84%, but for the week ending June 18th, the 30-year fixed-rate mortgage averaged 3.13%, down eight basis points from a week earlier. The previous record low was 3.15% at the end of last month. 15-year fixed-rate mortgages have also seen a drop. Four basis points down to an average 2.58% rate.<\/p>\n

With numbers like this, Americans may not want to wait<\/a> too much longer before locking rates in.<\/p>\n

Lower rates have also encouraged an increase in applications for refinancing, with applications up 10% for the week and 106% higher than a year ago. \u201cRefinancing continues to support households\u2019 finances, as homeowners who refinance are able to gain savings on their monthly mortgage payments in a still-uncertain period of the economic recovery,\u201d Kan said.<\/p>\n

There is no certainty how long rates will remain this low, however. Matthew Speakman, an economist with Zillow said \u201cUpticks in coronavirus cases across the country left market participants skeptical of the economic recovery\u2019s sustainability. More bad news regarding the uptick in coronavirus cases would likely send rates back downward, possibly to new lows. However, rates could just as easily begin to trend upward again, particularly if key economic data or measures to contain or treat the virus show meaningful improvements.\u201d<\/p>\n

The housing market is seeing a rebound. COVID-19 stay at home orders mean more people are wanting to invest in their homes and buyers are ready to capitalize on low rates before they increase. Unsold inventory remains at a low, however, and until there are more houses up for sale there is a limit on how high sales activity will increase.<\/p>\n","protected":false},"excerpt":{"rendered":"

(REAL ESTATE BIG DATA) Mortgage rates are low, so people should buy or refinance before they go up. And although inventory is low, demand is up as well.<\/p>\n","protected":false},"author":337734,"featured_media":16036,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[91],"tags":[1977,1890,1234],"class_list":["post-16035","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-big-data","tag-mortgage-rates","tag-real-estate-big-data","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2020\/06\/money-2696229_1280-1.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/16035","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337734"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=16035"}],"version-history":[{"count":8,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/16035\/revisions"}],"predecessor-version":[{"id":16058,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/16035\/revisions\/16058"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/16036"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=16035"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=16035"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=16035"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}