(WWLP) – The summer of 2020 has, for many people, been the summer of quarantine, but it’s also been the summer of historically low mortgage rates.
In early August, the average interest rate on the 30-year fixed mortgage fell to 2.88% and has since hovered at close to 3%. Meanwhile, the average interest rate on the 15-year mortgage hit a low of 2.44% about a month ago, and since then it’s stayed close to the 2.5% mark.
As a result, many prospective buyers have rushed to apply for mortgages so they can capitalize on these remarkably low rates. A recent update from the Federal Reserve indicates that low mortgage rates may be with us for quite some time.
Since the housing market currently doesn’t have a lot of inventory to offer, it might be a good idea to sit tight until 2021, when there will likely be more homes available.