2019 posts fourth highest mortgage rates in 50 years

A year of low interest rates

2019 was the year of historically low mortgage rates. In fact, according to Freddie Mac, the annual average is the fourth lowest rate in nearly 50 years.

Check your new rate (Sep 24, 2021)

2019 mortgage rates among the lowest in five decades

Last week’s 30-year fixed-rate loan averaged a mortgage rate of 3.74%. And throughout the year? It stood at 3.9%, one of the lowest averages in five decades.

As Freddie Mac Chief Economist Sam Khater explains, “The 30-year fixed-rate mortgage rate changed little this week and averaged just 3.9% in 2019, the fourth lowest annual average level since 1971, when Freddie Mac began his weekly survey. “

Only three other years saw average rates lower than 2019: 2016 which averaged 3.65%, 2012 (3.66%) and 2015 (3.85%).

How To Get The Best Mortgage Refinance Rates

Where will mortgage rates go in 2020

It looks like 2020 is set to be another good year for rates, experts say. Freddie mac forecasts an annual average of 3.8%, while Fannie Mae expects 3.6%. The Mortgage Bankers Association is forecasting an average of 3.7%.

Which lenders offer the lowest rates?

The increase in residential construction is also expected to help improve conditions for home buyers in 2020, although home prices are expected to continue to rise.

“As 2020 approaches, low mortgage rates and an improving economy will be the main drivers of the housing market with steadily increasing home sales, construction and home prices,” Khater said. . “Although the outlook for the housing market is bright, the deterioration in housing affordability is no longer a coastal phenomenon and is spreading to many domestic markets and is a threat to the continued recovery of housing and the economy. . “

Check your new rate (Sep 24, 2021)

Get today’s rates

Want to take advantage of today’s low mortgage rates? Then shop around and see what rates you qualify for today.

Check your new rate (Sep 24, 2021)

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