Freddie Mac recently reported that the 30-year fixed-rate mortgage averaged 3.45% during the week that ended February 6, 2020. That's a decrease of six basis points from the previous week, and the third consecutive week mortgage rates dropped.
The last time the 30-year fixed-rate mortgage was at this level was in October 2016, when the rate averaged 3.42%.
The 15-year fixed-rate mortgage also fell to 2.97%, the first time since 2016 that this rate dropped below 3%.
As you can imagine, the near-historic low mortgage rates, coupled with a strong economy, will continue to propel housing demand for the next several months.
Here in the Treasure Valley, with already limited housing supplies, prices are going to continue their ascent. A recent…