Last week, Freddie Mac wrote of the likelihood that long-term mortgage rates would drop below 3% later this year. It appears that may be happening by the end of the month.
On Thursday, Freddie Mac reported 3.03% with an average 0.8 point on a 30-year mortgage, the lowest level on record for long-term rates.
“The summer is heating up as record low mortgage rates continue to spur homebuyer demand,” Freddie Mac's Sam Khater said in a release. “However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.”
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/long-term-mortgage-rates-drop-to-record-low-of-303/17049.
Most Popular... This Week • Last 30 Days • Ever
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
A 4,600 square-foot condominium in Arlington just sold for nearly $6 million, setting... read »
Home prices in the DC region have risen on an annual basis for seven consecutive mont... read »
A new report is shedding light on the volume of investor home purchases at the end of... read »
Plans for a large new residential project above the Ellsworth Place mall in the middl... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro