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Mortgage Rates Have Been Below 3% For Ten Weeks

by UrbanTurf Staff

Mortgage rates dropped this week and are now just above their record low of 2.86%. 

On Thursday, long-term mortgage rates fell two basis points to 2.88%. Long-term rates have now been below 3% for the last ten weeks.

“As a result of low mortgage rates that have stayed under three percent since July, the housing market has seen a strong, upward trajectory during a very uncertain time,” Freddie Mac's Sam Khater said in a release. “We’re seeing potential home buyers who now have more purchasing power and many current homeowners who have the option to refinance their loan for a better rate. However, several factors could disrupt this activity including high home prices, low inventory and lender capacity.”

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.

See other articles related to: record low mortgage rates, mortgage rates, interest rates

This article originally published at http://dc.urbanturf.com/articles/blog/mortgage-rates-have-been-below-3-for-ten-weeks/17356

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