Mortgage rates dropped to their lowest level on record today.
On Thursday, Freddie Mac reported 3.23 percent with an average 0.7 point as the average for a 30-year mortgage. The previous record low for rates was 3.29 percent, set earlier this year.
“The size and depth of the secondary mortgage market is helping to keep rates at record lows. These low rates are driving higher refinance activity and have modestly helped improve purchase demand from their extremely low levels in mid-April,” Freddie Mac's Sam Khater said in a release.. “While many people are benefitting from low mortgage rates, it’s important to remember that not all people are able to take advantage of them given the current pandemic.”
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-plummet-to-lowest-level-on-record/16783.
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