Mortgage rates hit the lowest of 2018 in July – and you can thank a millennial for that!
After witnessing a rapid increase throughout most of the spring, mortgage rates have been on the decline for the month of July and part of June.
Although the rates were much lower at this time last year (3.96 percent), July marked the lowest rates of 2018 at an average of 4.52 percent on a 30 year fixed-rate. The average rate on 15-year, fixed-rate loans dropped to 4.00 percent.
Some economists have attributed this decline to an increase in millennials (ages 21-38) purchasing their first homes. Now in the 10th year of a current economic expansion, residential single-family real estate had been slow to recover. However, as millennials reach the peak age to buy their first homes, the housing market is expected to have room to grow.
If any of this sounds confusing, give me a call and I can help you to understand how these trends will affect your home purchase, and even its sale. When you’re ready to start discussing your first or next home purchase, I will walk you through the entire process and ensure that you are in the best hands for all of your real estate needs.