What's Hot: The 5 Developments on the Boards For Buzzard Point | IKEA Opening Small Format, Delivery-Only Location in Pentagon City
Long-Term Mortgage Rates Fall Below 3%
It's happened. Long-term mortgage rates have dropped below 3%.
On Thursday, Freddie Mac reported 2.98% with an average 0.7 point on a 30-year mortgage, the first time that these long-term rates have fallen below 3%. In the early 1980s, rates hit 18% as the Federal Reserve raised rates to fight inflation.
story continues belowloading...
story continues above
“Mortgage rates fell below 3 percent for the first time in 50 years. The drop has led to increased homebuyer demand and, these low rates have been capitalized into asset prices in support of the financial markets,” Freddie Mac's Sam Khater said in a release. “However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job losses.”
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: freddie mac, interest rates, mortgage rates, record low mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/long-term-mortgage-rates-fall-below-3/17076.
Most Popular... This Week • Last 30 Days • Ever
The 650,000 square-foot project, designed by Adjaye Associates and Hickok Cole, will ... read »
The largest development on the boards for the H Street Corridor is planned for a fami... read »
The new development keeps humming along in DC's Buzzard Point.... read »
It is early in the year, but there are already a number of areas around DC where home... read »
This week's Best New Listings includes a condo with a former life as a hotel entrance... read »
The application to raze the infamous fast food location at New York and Florida Avenu... read »
While homeowners must typically appeal by April 1st, new owners can also appeal.... read »
At an ANC 4A meeting on Tuesday night, representatives from Whole Foods said that the... read »
The application has been filed for the American City Diner along Connecticut Avenue i... read »
As the neighborhood waits for highly-anticipated restaurants to open, and luxury home... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
- A First Look at the Five-Building Centerpiece of the St. Elizabeth's Redevelopment
- 200-Unit Apartment Project Planned For Autozone Site Along the H Street Corridor
- The Stacks, Brooklyn Bowling and a Vermeer: The 5 Developments on the Boards for Buzzard Point
- DC's 14 Million-Dollar Neighborhoods in 2023
- Best New Listings: A Hotel Entrance Turned Condo
- The End is Here: Raze Permit Filed For Wendy's at Dave Thomas Circle
- How to Appeal Your DC Property Tax Assessment
- Whole Foods at Walter Reed To Open This Summer
- Raze Application May Spell The End For One of DC's Last Diner Buildings
- New Hotels, Mall Conversions And The 450 Units On The Boards For Georgetown
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. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro