Arizona Mortgage Rates – October 8, 2020
Mortgage Rates are reported to Freddie Mac, a Government Sponsored Enterprise that tracks rates with a weekly report. Arizona mortgage rates usually run close to the national average. Your Arizona Mortgage rate could be much lower depending on your own personal situation. If you’re in the market for a mortgage refinance or purchase loan please give me a call or complete our online request form.
Mortgage Rates Remain Flat
The year-long slide in mortgage rates seems to be ending as rates have flattened over the last month and the economic rebound has slowed. But with near record low rates, buyer demand remains robust with strong first-time buyers coming into the market. The demand is particularly strong in more affordable regions of the country such as the Midwest, where home prices are accelerating at the highest rates over the last two decades.
Disclaimer: Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.
While the report states that mortgage rates remain flat the Federal Reserve in a recent statement reiterated their commitment to keeping rates low for at least the next year. Mortgage rates tend to go down when the stock market struggles. While the downward trend has cooled for the time being we could see further rate decreases in the future.
How do you get the lowest possible Arizona mortgage rate? Work with a knowledgeable local lender and submit a complete mortgage application so that if and when rate drop in the future you’ll be able to take advantage.
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