Long-term mortgage rates fell back below 3% last week.
Freddie Mac reported 2.98 percent with an average 0.7 point on Thursday, down 11 basis points from the previous week. It was the first time that rates had fallen below 3 percent since early October.
“These low mortgage rates, combined with the tailwind of first-time homebuyers entering the market, means that purchase demand will remain strong into next year," Freddie Mac's Sam Khater said. "However, affordability pressures continue to be an ongoing concern for homebuyers.”
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/mortgage-rates-drop-back-below-3/18950.
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