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Low Mortgage Rates May Lead to Home Price Spike

Mortgage News > Low Mortgage Rates May Lead to Home Price Spike
Date: 02/04/2020    Low Mortgage Rates May Lead to Home Price Spike

As mortgage interest rates hit record lows for the month of January, homebuyers rushed in to scoop up available inventory and homeowners continued to refinance and stay put. That combination of high demand and fewer sellers is likely to lead to a jump in home prices this year, according to Redfin. Last week, the average 30-year mortgage rate fell to the lowest rate on record for January to 3.51%, resulting in a 2% increase in home purchase applications and an 8% spike in refinance requests.

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