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Mortgage Rates Drop Under 3%, Breaking New Record

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Mortgage Rates Drop Under 3%, Breaking New Record


July 17, 2020
Two small home figurines sitting on top of calculator
By tanu

Mortgage rates continue to break records as Freddie Mac announced a new low for the average 30-year fixed rate yesterday. The average 30-year mortgage is now at 2.98%, making this the lowest it has been since Freddie Mac began releasing data in 1971. Homebuyers are taking advantage too. Mortgage applications are at some of the highest levels since 2008, according to the New York Times. The low rate would save buyers nearly $50,000 over the course of their loan and more than $100 a month. These savings could be more sizable for properties in more expensive coastal areas.

Home loans have never been cheaper, if you can find a willing lender.

The average rate on 30-year fixed mortgages has fallen below 3 percent for the first time, as the Federal Reserve’s recent efforts to pump trillions of dollars into financial markets to support the economy during the pandemic translate into lower consumer borrowing costs.

Freddie Mac’s nationwide survey of mortgage rates, released on Thursday, showed the average on a 30-year mortgage at 2.98 percent, the first time this key rate has fallen below 3 percent since the government-backed mortgage finance firm began publishing the data in 1971.

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