The uncertainty of the 2020 presidential election has pushed mortgage rates to a record low this year.
The average rate on the popular 30-year fixed mortgage fell to 2.78% for the week ending Nov. 5, down from 2.81% the previous week and 3.69% the same week one year ago, according to Freddie Mac.
With rates now close to a full percentage point lower than they were a year ago, homeowners are rushing to refinance yet again, even as so many have already refinanced in the past year. Mortgage applications to refinance a home loan were over 80% higher last week compared with a year ago, according to the MBA.
For homebuyers, consistently low rates over the past several months, and the almost weekly prospect of rates falling even lower, have only fueled already strong demand. After a very brief pause at the start of the pandemic, buyers came rushing back, looking for a safe haven as well as larger spaces for working and schooling from home.
For the first time since 2011, homes sold faster in October than September and prices remained at their summer peak of $350,000, according to calculations by realtor.com, which included data from the National Association of Realtors.
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