Another week, another record low for mortgage rates.
On Thursday, long-term mortgage rates fell to 2.86%, two basis points lower than the record low set just a month ago. It is the ninth time this year that rates have dropped to a new record low.
“Mortgage rates have hit another record low due to a late summer slowdown in the economic recovery,” Freddie Mac's Sam Khater said in a release. “These low rates have ignited robust purchase demand activity, which is up twenty-five percent from a year ago and has been growing at double digit rates for four consecutive months. However, heading into the fall it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales 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-record-low-of-286/17270.
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