New year, same story for long-term interest rates.
On Thursday, interest rates dropped to 2.65%, one basis point lower than the previous record low of 2.66%. It was the 15th time in the last 12 months that rates set a new record.
“Despite a full percentage point decline in rates over the past year, housing affordability has decreased because these low rates have been offset by rising home prices," Freddie Mac's Sam Khater said in a release. "However, the forces behind the drop in rates have been shifting over the last few months and rates are poised to rise modestly this year. The combination of rising mortgage rates and increasing home prices will accelerate the decline in affordability and further squeeze potential homebuyers during the spring home sales season.”
The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.
This article originally published at https://dc.urbanturf.com/articles/blog/265-mortgage-rates-start-off-2021-at-new-record-lows/17717.
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