Long-term mortgage rates dropped below 2.7 percent this week, a new record low.
On Thursday, Freddie Mac announced 2.67 percent as the average on a 30-year mortgage, four basis points lower than the record low set just weeks ago. It is the 15th time this year that rates have set a new record low.
“The housing market continues to surge higher and support an otherwise stagnant economy that has lost momentum in the last couple of months,” Freddie Mac's Sam Khater said in a release. “Mortgage rates are at record lows and pushing many prospective homebuyers off the sidelines and into the market. Homebuyer sentiment is sanguine and purchase demand shows no real signs of waning at all heading into next year.”
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-fall-below-27-setting-another-record-low-in-2020/17671.
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