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Mortgage Rates Head Back Below 3%

by UrbanTurf Staff

After hitting 3%, long-term mortgage rates dipped back below that benchmark this week. 

Freddie Mac reported 2.95% with an average 0.7 point on a 30-year mortgage on Thursday, down five basis points from last week. 

"Homeowners who refinanced their 30-year fixed-rate mortgage in 2020 saved more than $2,800 dollars annually," Sam Khater, Freddie Mac’s Chief Economist, said in a statement. "Substantial opportunity continues to exist today, as nearly $2 trillion in conforming mortgages have the ability to refinance and reduce their interest rate by at least half a percentage point."

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 http://dc.urbanturf.com/articles/blog/mortgage-rates-head-back-below-3/18315

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