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

If you or anyone you know have questions or need more information please reach out.