Mortgage rates dropped to just above their all-time record lows on Thursday.
On Thursday, Freddie Mac reported 3.24 percent with an average 0.7 point as the average for a 30-year mortgage. The record low for long-term rates was set on April 30 when rates dropped to 3.23 percent.
“For the fourth consecutive week, the 30-year fixed-rate mortgage has been below 3.30 percent, giving potential buyers a good reason to continue shopping even amid the pandemic,” Freddie Mac's Sam Khater said in a release. “As states reopen, we’re seeing purchase demand improve remarkably fast, now essentially flat relative to a year ago. Going forward, mortgage rates have room to decline as mortgage spreads remain elevated.”
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-to-just-above-record-lows/16866.
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