July 2020
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Luxury News
Mortgage Rates Hit Historic Lows, Again
As reported by Freedie Mac, the average interest rate on a 30-year mortgage has fallen again to new historic lows around 2.98%, while rates for 15-year mortgages hover around 2.58%.
Declining Rates & Increased Demand
With interest rates falling, data from the Mortgage Bankers Association shows purchase applications are 16% higher than they were this time last year.
English Countryside Surges
In the United Kingdom, country homes priced over $6.5 million have seen a 1.2% price increase in the second quarter of 2020 with a whopping 137% increase in prospective buyers, according to Knight Frank.
Stay up to date with Compass' latest luxury listings and news at LuxuryatCompass.com
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