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New Administration, COVID Results in a Drop in Mortgage Rates
On Thursday, Freddie Mac reported 2.73% as the average on a 30-year fixed rate mortgage, a four basis point drop since last week.
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“As the market reacts to a new administration in Washington and COVID-19 driven economic malaise, mortgage rates continued to decrease this week, just slightly,” Freddie Mac's Sam Khater said in a release. “Even as house prices increase at the fastest rate we’ve seen in years, competition to buy is strong given the low inventory that exists across the country. The fact that there are not enough homes to meet demand is going to be an ongoing issue for the foreseeable future.”
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: interest rates, mortgage rates
This article originally published at https://dc.urbanturf.com/articles/blog/new-administration-covid-results-in-a-drop-in-mortgage-rates/17817.
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