One of the surprises of the COVID-19 pandemic has been the resiliency of the residential real estate market. Although home sales initially faltered with the spring pandemic shutdowns, the housing market has now bounced back, and sales are beginning to outperform last year’s strong activity. Here are some of the reasons the housing market is heating up this summer: Mortgage rates dip to less than 3% Last week, the interest rate on a 30-year fixed-rate mortgage dropped to an average 2.98%. This is the first time in 50 years that the rate has been this low, according to Freddie Mac.  These unprecedented rates are enticing buyers, and many economists expect the trend to continue throughout this year and into next. …

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