Long-term mortgage rates dropped to a new record low this week which has more or less become the norm in 2020 when Freddie Mac reports new rates.
On Thursday, rates dropped to 2.71%, one basis point lower than the previous record low set just weeks ago. A year ago, rates were almost 100 basis points higher.
“Despite persistently low mortgage rates, home sales have hit a wall," Freddie Mac's Sam Khater said in a release. "While homebuyer appetite remains robust, the scarce inventory has effectively put a limit on how much higher sales can increase. Unfortunately, the record low supply combined with strong demand means home prices are rapidly escalating and eroding the benefits of the low mortgage rate environment.”
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-new-record-low-but-limited-inventory-is-hurting-sale/17606.
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