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Summer heats up with record low rates and increasing demand

  • Jul 13, 2020
Low Interest Rate Summer Demand

Freddie Mac says record low rates are spurring housing demand

Freddie Mac reported on July 9 that “the summer is heating up as record low mortgage rates continue to spur homebuyer demand. However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.”

“Mortgage rates fell as investors reacted to news of a record-setting COVID-19 resurgence in some of the nation’s biggest states,” said HousingWire. “A resurgence in the pandemic caused investors to buy more bonds, including mortgage-backed securities.”

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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