Lowest of lows [Interest Rates]

And they fell again! The interest rates are the lowest they’ve averaged since Freddie Mac started tracking these numbers in 1971.

-Mortgage applications were up 10% last week compared to a year ago
-The housing market continues to be a positive force on the economy with increase in sales and new construction due to these record low rates.

https://magazine.realtor/daily-news/2020/03/06/mortgage-rates-hit-all-time-low

Recent Rates:
This is a look at this past week’s rates compared to the previous rate averages. Lower rates means increased buying power.

-30 year fixed rate average = 3.29% (3.45% the previous week and a 4.41% average rate from a year ago)
-15 year fixed rate average = 2.79% (2.95% the previous week and a 3.83% average rate from a year ago)
-5 year hybrid adjustable = 3.18% (3.20% the previous week and a 3.87% average rate from a year ago)

Germantown Market Update:
-Median List prices are up on single family homes as well as condos & townhouses
-Inventory is scraping the barrel with less than 100 residential properties for sale
-There’s been a spike in rental price for single family homes while condos and townhouses have stayed relatively flat