Mortgage interest rates have hit a 3-year low, which should increase home sales during the upcoming spring selling season. A 30-year fixed mortgage is currently 3.45% and this has boosted sales during December of existing single-family homes by 3.6% vs. the previous month.
According to Doug Duncan, chief economist at Fannie Mae, “It’s very much a historical opportunity for folks who have an existing mortgage to refinance and for credit-qualified people to lock in a low rate.”