Long-term mortgage rates dropped to a new record low this week for the thirteenth time this year.
On Thursday, rates dropped to 2.72%, six basis points lower than the previous record low set just weeks ago. A year ago, rates were almost 100 basis points higher.
“Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low,” Freddie Mac's Sam Khater said in a release. “While economic growth remains unstable, strong housing demand continues to have a domino effect on many other segments of the economy.”
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-to-272-set-new-record-low/17558.
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