2019 has been the best year for mortgage rates. As we enter into the second half of this year rates continue to hold a historic low at an average below 4.0 percent, and monthly mortgage payments have declined.
Here’s the August 2019 Real Estate and Mortgage Trends. Mortgage rates have continued to hold steady at a historic low. The 30-year fixed mortgage has dropped below 3.5 percent!
Buyers and homeowners are capitalizing on the historically low levels of mortgage rates we’ve seen this last month. There’s been a big jump in mortgage applications, up 41% annually, because buyers are interested in the best rates even if home prices are still high
Mortgage rates continue to plummet hitting their lowest since early 2018. After Memorial Day weekend, rates fell in response to trade war tensions and market volatility.
7.4% fewer California homes closed escrow in February 2019 compared to the same month a year earlier, according to CoreLogic. So far in 2019, the number of homes that sell each month continues to run below the previous year. First Tuesday expects this trend to continue through to 2021.
If you’re in the market, don’t be surprised if things get busier. Peak season is right around the corner. Spring is in full swing and there is a definite uptick in real estate activity, especially among motivated sellers and seeking buyers.