Mortgage Rates Increase This Week But Still Well Below Average Numbers From Last Year
Posted by Leo Clark. on
Mortgage rates jumped to 3.12% this week, up from 3.04% according to Bankrate’s weekly survey of the largest lenders in the country.
Compared to this time last year, when rates were just under 4%, current rates are still hovering around historic lows, making it a great time to buy even despite the pandemic.
Over the past 52 weeks, which of course covers the entire COVID-19 crisis, 30-year fixed rate loans have averaged 3.49%, or about 0.37 percentage points higher than current rates that already factor in this week’s increase.
As noted by many mortgage pros, recent news of a COVID-19 vaccine becoming closer to being ready is giving everyone optimism towards the economic state starting to shift to a recovery and ultimately back to normalcy.
For now, most…
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Despite shutdowns due to the coronavirus and job losses, mortgage applications to purchase a home are on the rise. That could mean buyers are headed back to the housing market faster than expected.
If you’re in the market for a new home this year, there’s good news to report. The new year began with a drop in mortgage rates. Rates recently fell to their lowest level since October.
Getting preapproved for a home loan can make or break your home or condo buying experience. To sellers, it’s a signal that you’re a serious buyer, and getting preapproved also helps give you a one-up over other buyers who might be interested in the same property you’re considering.