Mortgage Rate Update 07/20/2020

66,000…Yelp just released a study and said 66,000 businesses may not reopen after things get back to “normal” and Harvard just released a study themselves and they said 110,000 businesses may not reopen after we get back to our new normal. Pretty staggering numbers as small businesses are the lifeblood of our economic engine. But there is a lot of variables going into this and the housing market even with those very dire numbers still look incredibly good long term for us. . It goes back to simple economics and it goes back to supply and demand. There is an amazing amount more demand in our market for homes then there is supply and were just not building fast enough in really any of our neighborhoods, communities, areas or anywhere that we live. The Radian also just released some stats for us this week. The Radian is one of the national mortgage insurance companies. Year over year, so from June of last year to June of 2020, home prices increased by 8.1%. Just in this year alone, from January of this year until June, stats are trailing you know we are just in July right now, that increase has been 6.3%. So, another way to look at it, of that 8.1%, 6.3 of that has happened just in this year alone. Man, home prices are not going to be going down anytime soon. The demand is there, rates again as we have been telling y’all, they are at an all time low. If you’ve been thinking about buying, you should go ahead and call us now. Get prequalified for your loan, get our $5,000 guarantee so when you submit your offer it gets accepted ahead of others. We want to make sure that you’re set up for success, and of course, rates are at this all time low, if you have not taken advantage of refinancing yet if you did a loan in January, February, March you really should consider calling us as well too. Let us analyze your situation let us see where you’re at and make sure that you’re in the best position to achieve your financial goals. I’m Sean Zalmanoff with Better Rate Mortgage we are here to help you. This is our weekly rate update, have a great week y’all! Bye.