Fixed mortgage rates sink to lowest levels in history but could be headed higher

The 30-year fixed mortgage rate, the most popular loan product, sank to its lowest level on record this week, marking the 17th historic low it has hit in less than a year. But rates may have hit bottom as many experts predict them to rise in the coming year.

According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average sank to 2.65 percent with an average 0.7 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 2.67 percent a week ago and 3.64 percent a year ago...

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Ken Notes: Imagine if we had used these ultra low rates to call a time out during the pandemic. Everyone could have deferred payment on their mortgages instead of getting stimulus checks. As it now stand we will see foreclosures on many homes and businesses in the not too distant future. We do not learn from our history...



- - Volume: 9 - WEEK: 2 Date: 1/7/2021 1:46:26 PM -