Long-term mortgage rates continue to drop to new record lows.
Today, Freddie Mac reported 3.13 percent with an average 0.8 point as the average for a 30-year mortgage, a new record low for long-term rates. The previous record was 3.15 percent, set at the end of May.
“While the rebound in the economy is uneven, one segment that is exhibiting strength is the housing market. Purchase demand activity is up over twenty percent from a year ago, the highest since January 2009. Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood,” Freddie Mac's Sam Khater said in a release. “However, it will be difficult to sustain the momentum in demand as unsold inventory was at near record lows coming into the pandemic and it has only dropped since then.”
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/at-316-mortgage-rates-drop-to-new-record-low/16975.
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