30 YEAR FIXED MORTGAGE RATES (%) AMID THIS PANDEMIC

Here’s the latest on the 30 year fixed MTG rates! According to MacroTrends.net we’re at extremely low levels in comparison to where we’ve been in the past couple of years. In this graph you are seeing a monthly 30 year fixed average for every month going back to April of 2013. There are 3 low points on this graph. The 2 lowest points looking at this graph from left to right show the months of April 2013 and August 2016, where rates were at 3.4% and 3.48%. . . Now here’s our argument on why we believe that real eatate values will not take a huge hit coming out of this Pandemic. Take a look at the highest point in the graph. The 30 yr fixed mtg rate was at 4.86% in October of 2018. That didn’t stop homes from selling. The average sales price in South East LA County and North Orange County was $649,131 in October 2018. The average sales price for last month (March 2020) according to CrMLS reports show an average sales price of $692,002. So eve with this Pandemic hitting us really hard halfway through March, we still had a higher average sales price then 2 years ago. Of course we cant predict the future bit we can make educated guesses. . . Most importantly, above all this data we just went through, our hope as a Mother & Son Real Estate team is that you all are staying healthy through this crisis. Our prayer is that everyone reading this post, and the friends and family of those reading, are spared from this virus and the damage it may cause not only health wise but economically as well. Let us know how we can serve you during this time…