Why It's Still a Great Time to Buy
Mortgage rates have hit historic lows this month, unlike anything we've seen since 2016. The 30-year fixed-rate mortgage averaged 3.64% last week, and the 15-year fixed-rate mortgage dropped to an average of 3.16%. Freddie Mac reports that during 2019, there were only 11 weeks where mortgage rates actually increased - the rest of the year, they kept dropping.
“With both the unemployment rate and mortgage rate below 4% and near historic lows, it is no surprise that the housing market regained momentum with home sales and construction at or near decade highs,”says Sam Khater, chief economist at Freddie Mac.
This good news does come with an exception - according to the Chicago Association of REALTORS®, we are…