Recent Historic Low Mortgage Rates
I think we can all agree that 2020 has been a chaotic year, but fortunately enough, Gershman Mortgage has good news for homebuyers and homeowners alike! If you are considering purchasing a home, now is a better time than ever! Mortgage rates set another record low this month by hitting as low as 2.5%, with an APR of 2.737 for a 30 year fixed loan. While interest rates continue to remain the lowest they’ve ever been, more first-time homebuyers are gearing up for those shiny new keys, and if they aren’t, they should be!
The average rate on a 30-year fixed loan is about 3%. This rate has fluctuated quite a bit this year and it may continue to do so, but for now buyers should seize this opportunity while it lasts. Since early March of this year, these favorable rates have helped thousands of families move-in or refinance their homes.
The recovery of the housing market over the past several months has been quite remarkable and Americans are moving faster now than ever before.
If you want to take advantage of these historic low mortgage rates or are interested in learning more, please reach out to Gershman Mortgage at 800-457-2357, so we can connect you with an experienced loan officer or APPLY HERE today!
This is for informational purposes only and not an offer to lend or extend credit. NMLS #138063 16253 Swingley Ridge Road Suite 400 Chesterfield, MO 63017 (800) 457-2357 Equal Housing Lender. Mortgage rates could change daily. Some restrictions may apply. Based on the purchase/refinance of a primary residence with no cash out at closing. We assumed (unless otherwise noted) that: closing costs are paid out of pocket; this is your primary residence and is a single family home; debt-to-income ratio is less than 30%; and credit score is over 720. If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans. Military/VA loans do not require PMI. Please remember that we don’t have all your information. Therefore, the rate you see may not reflect your actual situation. You may still qualify for a loan even if your situation doesn’t match our assumptions. To get more accurate and personalized results, please call (800) 457-2357 to talk to one of our mortgage experts.
References:
- https://www.bizjournals.com/dayton/news/2020/09/21/us-mortgage-rates-hold-steady-at-historic-lows.html
- https://www.washingtonpost.com/business/2020/09/24/mortgage-rates-rise-amid-positive-housing-news/
