30-year mortgage rate reaches new low!

I saw several articles today related to the record low 30-year mortgage rates, which fell to 3.49 percent - the lowest reported in the last 60 years. According to Freddie Mac, it's the first time that average rates on 30-year mortgages have been below 3.5 percent since the 1950s.

Likewise, the rate for 15-year mortgages dropped to 2.8 percent last week, from the previous record of 2.83 percent, which was reached the prior week. In addition to helping encourage home sales, these record low mortgage rates could also help encourage other spending in the economy if more homeowners decide to refinance.

As the economy has improved, the housing construction industry has picked up in the last year. Analysts say that home prices have reached the bottom are are starting to increase in most markets, and home sales activity will follow suit.

If you are ready to sell your house, please contact me at noah@farmlandman.com or 320-894-7528.

Have a great week!
Noah Hultgren
noah@farmlandman.com
320-894-7528
www.farmlandman.com