Community Property Type Price Min Price Max Beds Baths

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

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