Mortgage Rates Dip Below 3%

Posted by PollyAnna Snyder on Thursday, July 16th, 2020 at 9:19am

Average 30-year mortgage rates dip below 3% for first time in 50 years

The average 30-year fixed-rate mortgage was reported at 2.98%, down from 3.03%. It's the first time the rate fell below 3$ since Freddie Mac began tracking weekly rates in 1971

The average mortgage rate for a 30-year fixed-rate mortgage fell below 3 percent for the first time Freddie Mac began tracking weekly rates in 1971. The average 30-year fixed-rate mortgage was reported at 2.98 percent, down from 3.03 percent last week.

“Mortgage rates fell below 3 percent for the first time in 50 years,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “The drop has led to increased homebuyer demand, and these low rates have been capitalized into asset prices in support of the financial markets.”

“However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job losses.”

The 15-year fixed-rate mortgage averaged 2.48 percent, down slightly from last week’s 2.51 percent average and down from last year’s 3.23 percent average. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.06 percent, up slightly from last week’s 3.02 percent average and down from last year’s 3.48 percent average.

“Although sellers are slowly acclimating to this unexpected surge in buyer interest, inventory is still lagging behind demand which is driving quick time on market and listing price growth on par with this time last summer.”

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