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Mortgage Rates Remain at Record Lows, Purchase Demand Shoots Back Up

by UrbanTurf Staff

Mortgage rates remained at all-time record lows for the second week in a row and homebuyers are taking full advantage. 

On Thursday, Freddie Mac reported 3.13 percent with an average 0.8 point as the average for a 30-year mortgage, the same rate as the record low set last week.  

“After the Great Recession, it took more than ten years for purchase demand to rebound to pre-recession levels, but in this crisis, it took less than ten weeks,”Freddie Mac's Sam Khater said in a release. “The rebound in purchase demand partly reflects deferred sales as well as continued interest from prospective buyers looking to take advantage of the low mortgage rate environment.”

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-remain-at-record-lows-purchase-demand-shoots-back-up/16999

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