There was a time not long ago when it was unthinkable that long-term interest rates would drop below 3%. Now, it will be a little odd when they go back above that benchmark.
On Wednesday, rates remained at the record low of 2.72% set last week. Rates have now been below 3% for almost five months.
“Mortgage rates remain at record lows and while that has fueled a refinance boom, it’s been driven mainly by higher income borrowers. With about 20 million borrowers eligible to refinance, lower- and middle-income borrowers are leaving money on the table by not taking advantage of low rates,” Freddie Mac's Sam Khater said in a release. “On the homebuying side, demand continues to surge, and it has created a seller’s market where inventory is at a record low and home prices are rising, beginning to offset the benefits of the low rates.”
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-have-been-below-3-for-18-weeks/17584.
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