Here are some of recent updates from Housing Wire.
All-time lows: The average U.S. rate for a 30-year fixed mortgage is 2.88% this week and the average 15-year rate is 2.44%. Average U.S. mortgage rates for a 30-year fixed mortgage fell to an all-time low of 2.88% this week, the eighth time in 2020 the weekly rate has set a record in a Freddie Mac series that goes back almost five decades.
In the middle of spring, COVID-19 caused schools across the country to shut down and go virtual. In a shift that feels similar to the way many people are reconsidering how close they need to be to a physical workplace, many parents are questioning how close kids need to live to their school if classes are going to be some version of online for the foreseeable future.
The Federal Reserve is considering abandoning its longtime strategy of using its benchmark rate to pre-emptively prevent inflation from rising above its 2% target. That could be the death knell for rock-bottom mortgage rates. Fed Chairman Jerome Powell said at a news conference last week that the central bank was close to wrapping up a review of its policy-making strategy that began in 2019. The results will be announced “in the near future,” Powell said.