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Another Week, Another Record: Mortgage Rates Fall to 2.8%

  • October 22nd 2020

by UrbanTurf Staff

Long-term mortgage rates fell to a new record low this week. 

On Thursday, rates dropped to 2.8%, one basis point lower than the record low set last week. It is the eleventh time this year that rates have dropped to a new record low. 

“Mortgage rates today are on average more than a full percentage point lower than rates over the last five years," Freddie Mac's Sam Khater said in a release. "This means that most low- and moderate-income borrowers who purchased during the last few years stand to benefit by exploring refinancing to lower their monthly payment.”

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.

See other articles related to: interest rates, mortgage rates, record low mortgage rates

This article originally published at https://dc.urbanturf.com/articles/blog/another-week-another-record-mortgage-rates-fall-to-28/17439.

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