Hi and welcome to this week’s JHT Market Update!

Mortgage rates hit all time historical lows as the economy continues to fight with the fallout of the coronavirus pandemic.

Those unaffected by the widespread unemployment in some job sectors and record-low mortgage rates are the two greatest driving forces of the increased buyer demand we are seeing.

For the second week in a row, the average 30-year fixed rate remained at 3.13%, a considerable drop compared to 3.73% a year ago.

Ultimately, lower rates have continued to increase affordability for buyers and those refinancing, especially compared with the rates in the last few years. 

According to some housing experts and loan officers, these rates may last while the economy can start recovering from job losses and increasing coronavirus cases.

Buyers can take advantage of additional savings and house affordability. And if you’re thinking of selling, know that your home may be in high demand as buyer interest grows and the number of homes for sale continues to dwindle.

To the current market overview of the areas of Fullerton, Cypress & Yorba Linda over the past 7 days shows there are 62 new listings on the market, 53 new contracts and 50 sales.

*Opinions are our own and not the views of eXp Realty.

Sources:
(1) https://www.washingtonpost.com/business/2020/06/25/mortgage-rate-remains-historic-low/