Local Real Estate Data & Today’s Historically Low Interest Rate

Local Real Estate Data & Today’s Historically Low Interest Rate

I hope all of you have continued to stay safe during these unprecedented times. I want all of you to know that I am continuing to practice real estate safety guidelines by use of face masks, sanitizer, and social distancing. While COVID-19 continues to spike in an upward trajectory, mortgage rates are headed in the opposite direction. We are now witnessing historically low interest rates. As of today (07/21/2020), many lenders are reporting 30 year fixed rate conventional mortgage loans south of 3%! 

Not a finance guru? That’s okay! The charts below provide an example of just how much every 0.5% of a point affects your payment on a $100,000 loan. Note, this amount not factor in taxes and insurance. Additionally, the increments will be even greater on amounts over that of $100,000.

Below are statistics sourced from Stellar MLS itself just to keep you further informed. The most noticeable connection I found is the massive 41% number of listings sold from May to June which corresponds directly to the 52% increase in total sales volume in these same months. This tells us that consumers are taking advantage of these long terms savings! Don’t be the one to miss out!

You may be wondering why I am such a proponent of numbers and data. The simple answer is that numbers and data are objective facts. The influence of a realtor is often subjective. I do my best to present unbiased information, whether good or bad, in hopes of earning your business and trust long term.

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