By Chad Meier, December 3, 2020
The average rate for a 30-year, fixed-rate mortgage fell to 2.71%, the lowest number ever recorded by Freddie Mac’s weekly survey of rates (which dates back to 1971). 
The average rate for a 30-year, fixed-rate mortgage once again hit a new all-time low, clocking in at 2.71 percent, according to data released Thursday by Freddie Mac. But even with a new historic low for the 14th time this year, Freddie Mac Chief Economist Sam Khater believes home sales may be slowing down.
“While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase” Khater said, in a statement.
And more…
This time last year, the average rate for a 30-year, fixed-rate mortgage was 3.68 percent.
The 15-year fixed-rate mortgage meanwhile average 2.28 percent, down from last week’s 2.28 percent average & below the 3.14 percent average for the same week in 2019.
The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had the highest rate, averaging 2.86 percent, down from last week’s 3.16 percent. A year ago at this time, it averaged 3.39 percent.
Rates continue to sit at historic lows as investors watch COVID-19 vaccine progress and deliberations on a potential stimulus package in Congress, according to George Ratiu, realtor.com’s senior economist.
While low interest rates have been fuel for the blazing housing market in 2020, double-digit price gains over the past three months are now chipping away at affordability gains for Americans, according to Ratiu.
The National Association of Realtors (NAR) pending home sale index (a forward-looking indicator of home sale activity based on contract signings) fell 1.1 percent from September to October. And while contract signings were still up more than 20 percent year over year, the month-to-month decline shows signs that sales are slowing down.
On the economy in crisis, Ratiu said “Moreover, millions of people are staring at a wall of expiring support programs, such as the pandemic unemployment insurance and eviction protections, which dampen the brightness of the incoming holiday season. While we see a light at the end of the pandemic tunnel with upcoming vaccines, there is still a big question around whether Congress can come to terms on a new stimulus package to help the country recover from the current economic downturn.”
Information sourced via Freddie Mac, Inman News and other outlets [12/3/20]
Chad Meier
Broker | OR
He/Him
Hello, I’m Chad: Licensed Real Estate Broker, native Oregonian, photography aficionado, lover of old houses, friend to all animals, and powered by analytical data.
As a member of the National, Oregon and Portland Metropolitan Associations of REALTORS®, I'm proud that my profession allows me to use the tools I've acquired over the past 20+ years (client advocacy, sales & marketing, conflict resolution, et al.) to help people on a daily basis. Bottom line… I love the work!
Through personal experience, I understand that buying or selling a home is more than just a business transaction; In fact, it can often be a life changing event! This is why I’m dedicated to providing exceptional service for my clients when it’s time for them to make their move.
On the listing side; I believe that every home, no matter how modest or grand, deserves to make the best possible first impression on a would-be buyer. This is why I’m aligned with our area's preeminent independent real estate brokerage (Living Room Realty) to offer every property the most compelling & relevant marketing available. It also means that I’ll never represent your home online with a smartphone picture ;^)
On the buying side; I personally work with every client - no handing you off to a junior team member of a team - to ensure that we work toward your goals together and don’t fall prey to some of the pitfalls that buyers can face in today's heavily weighted market. In short, I can help you win!
Above all else, I pledge to be a strong advocate for my client’s interests and promise to work relentlessly to help them achieve their real estate goals. After all, I believe that if you’re not left with an amazing experience, I haven’t done my job.
Speaking personally, I’ve been connected to this great city and its surrounding areas since childhood. Most recently, my family (wife Shawn, son Jakob, mother Glenna, and mutts Juno & Dizzy) have lived in the vibrant Sellwood-Moreland neighborhood for the past 14 years. When not at my desk or in the field helping clients, you’ll likely find me trying to capture a compelling scene behind my camera lens, playing basketball wherever I can find a pickup game, or combining these two passions by photographing my son’s high school basketball team in action (GO WARRIORS!). And on occasion, you may even find me at any number of our city's finer dining establishments, searching high and low for a bartender who knows the recipe for a perfect Roman Holiday ;^)
Whether you have a plan to buy or sell (or simply need to develop one), please feel free to contact me. I look forward to understanding your goals and helping you achieve them!
I can be reached at 503-709-9600 -or- Chad@PortlandHomeBase.com
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- T: 503-709-9600
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503-961-8224