Mortgage Rates Hit Record Low – Third Time this Year

At 3.15%, the median 30-year, fixed-rate mortgage set another record. It’s down from last week’s 3.24% and the lowest since Freddie Mac started tracking in 1971.

WASHINGTON (AP) – Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week. It was the lowest level since Freddie started tracking rates in 1971. A year ago, the rate stood at 3.99%.

The average rate on the 15-year fixed-rate mortgage declined to 2.62% from 2.70% last week.

Spurred by the fall in borrowing rates, demand for home purchases by prospective buyers has rebounded from a decline of 35% in mid-April to an 8% increase as of last week, Freddie economists noted.
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Author: Dominick Tascher Group - Blog

Naples to Estero Real Estate Blog by Dominick Tascher Group at MVP Realty brings to the public the latest information about real estate news and trends, market reports, new communities and also topics related to living in the paradise of SW Florida; Naples, Bonita Springs, Estero and South Fort Myers.