South Florida On The Market

Mortgage rates in the U.S. have hit another record low. The average for a 30-year, fixed loan tumbled to 2.72%, down from 2.84% last week and the lowest in data going back almost 50 years, Freddie Mac said in a statement Thursday. It was the 13th record low this year. The previous one, 2.78%, held for two weeks. Americans are racing to scoop up homes, taking advantage of 30-year loan costs that have been below 3% since July. While the boom is a key source of strength for the pandemic economy, demand is far outstripping supply, sparking  bidding wars  and pricing many would-be buyers out of the market. Weaker  retail sales  data released this week helped push down yields for the Treasury bonds that guide mortgages, suggesting consumers are becoming more hesitant amid a resurgence of Covid-19 cases and lack of a fresh federal stimulus package. Read the full story here Start your South Florida home  here