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Mortgage Rates Fall to New Record Low

  • May 28th 2020

by UrbanTurf Staff

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New week, new record. 

Today, Freddie Mac reported 3.15 percent with an average 0.8 point as the average for a 30-year mortgage, a new record low for long-term rates. The previous record was 3.23 percent, set at the end of April. 

"The 30-year fixed-rate mortgage has again hit the lowest level in our survey’s nearly 50-year history, breaking the record for the third time in just the last few months,” Freddie Mac's Sam Khater said in a release. “These unprecedented rates have certainly made an impact as purchase demand rebounded from a 35 percent year-over-year decline in mid-April to an 8 percent increase as of last week—a remarkable turnaround given the sharp contraction in economic activity."

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-new-record-low/16891.

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