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Rates again fall to all-time low; top markets for millennials

  • Jul 6, 2020
Millenial Low Rates

Mortgage rates again fall to a new all-time low

Mortgage rates have again fallen to a new all-time low, according to Freddie Mac’s July 2 report. There is “a distinct possibility that the average 30-year fixed-rate mortgage could dip below 3 percent later this year,” said the report. HousingWire said the rate is the lowest in a data series that goes back to 1971, and it attributed the new low to a resurgence of COVID-19 infections that has caused investors to pile into the bond markets.

“On the economic front,” said Freddie Mac, “incoming data suggest the rebound in economic activity has paused in the last couple of weeks with modest declines in consumer spending and a pullback in purchase activity.”

NAR lists top ten housing markets for millennials during the pandemic

The National Association of Realtors (NAR) recently identified the top ten metropolitan areas with the most favorable conditions for millennial homebuyers during the COVID-19 pandemic. The study analyzed several factors, including housing affordability, local employment conditions during the pandemic, the number of millennials in the individual metro areas, and the availability of housing inventory.

The top ten markets (listed alphabetically) are: Austin-Round Rock, Texas; Dallas-Fort Worth-Arlington, Texas; Des Moines-West Des Moines, Iowa; Durham-Chapel Hill-Raleigh, North Carolina; Houston-the Woodlands, Texas; Indianapolis-Carmel-Anderson, Indiana; Omaha, Nebraska/Council Bluffs, Iowa; Phoenix-Mesa-Scottsdale, Arizona; Portland, Oregon/Vancouver, Washington; and Salt Lake City, Utah.

Housing market remains strong and mortgage rates will likely remain low

Narin Seera, Vice President of Capital Markets Operations at Academy Mortgage, says: “While the U.S. housing market remains strong for new and existing home sales, the promise from Federal Reserve to maintain the current low rates through 2022 provides further impetus to the U.S. real estate market and the sector financing it.”

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