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.
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