30-Year Mortgage Stays at Record 4.09%
The average rate on a 30-year fixed rate mortgage remains at 4.09%, a level not seen since 1951.
The average rate for a 15-year fixed rate mortgage is at an all-time low of 3.29%.
Unfortunately, at least in Greater Phoenix and Scottsdale, inventory levels continue to fall and we’re currently sitting on a very slim 3.3 months supply, which is indicative of a seller’s market.
So finding the right property can be a challenge and lending guidelines remain very tight. However, as long as interest rates remain this low, it will be a great time to buy real estate for those who can.
Source: The Associated Press