Should buyers wait for lower mortgage rates?

By Clare Trapasso |Realtor.com®

One of the few bright spots for home buyers and owners in 2020—a year marred by a pandemic, economic recession, social unrest, wildfires, hurricanes, and a highly polarized presidential election—has been rock-bottom mortgage interest rates.

Mortgage rates have been tumbling since COVID-19 disrupted the nation’s economy, achieving what many experts had believed was impossible: They dipped just below 3% in July. Rates have since fallen even further, reaching an all-time low of 2.86% for the average 30-year fixed-rate loan in the week ending Sept. 10, according to Freddie Mac. They ticked up to 2.87% in the week ending Sept. 17.

Those lower rates have allowed buyers to stretch their budgets at a time when home prices are on the rise. Homeowners who refinance their existing loans can potentially shave $100—or more—off their monthly mortgage payments, saving tens of thousands of dollars over the life of their loans. (The exact amount depends on the size of the loan and the previous rate.)

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