Mortgage Market Update (1)

According to Freddie Mac’s Primary Mortgage Market Survey, the average rate for a 30-year fixed mortgage fell to a 3-year low. The 30-year fixed-rate mortgage averaged 3.55% for the week ending August 22, 2019, down from last week’s 3.6%, which is close to 2018’s lowest percentage point. The drop-in mortgage rates benefit not only the housing market but also the economy as a whole. Home purchase demand is up 5% since 2018, and the refinance market has hit a significant surge. Homeowners that have refinanced are seeing close to a $140 of savings per month. The benefits of lower mortgage rates are also helping homeowners gain more equity.

Hall Financial (NMLS #1467435) was formed in early 2016, founded on a common mission: to be the most client focused mortgage company in the industry’s history. We were going to stop the trend of treating homeowners and homebuyers as transactions and instead, welcome them as family. We provide all of our clients with 5-star VIP service. Here, we bring you up to speed and keep you in the know with the latest housing news, home trends, and more!

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