Freddie Mac announced that in 10 of the last 11 weeks, the average 30-year fixed mortgage rate has matched or smashed a new record low.
As of July 5, Freddie Mac’s Primary Mortgage Market Survey reveals that the average 30-year fixed mortgage rate has hit 3.62%, down from last week’s average rate of 3.66%. A year ago, the average 30-year fixed mortgage rate was 4.60%.
Frank Nothaft, vice president and chief economist of Freddie Mac, said in a statement, “Recent economic data releases of less consumer spending and a contraction in the manufacturing industry drove long-term Treasury bond yields lower over the week and allowed fixed mortgage rates to hit new all-time record lows.”
The New York Times reports that if you have a credit score of 740 or better, down payment of 25 percent or more and preferably buying a single-family home, you have a good chance of qualifying for the absolute lowest mortgage rate.
Whether you are a first-time homebuyer, first-time home seller, empty nester, thinking about selling a home or buying a home, do contact the Guldi Real Estate Group. In Southern Maryland, the Guldi Group is the number one real estate team.