Mortgage Rates Tumble to New Low
The average interest rate for a 30-year fixed-rate mortgage fell to an all-time low of 2.88% this week, the eighth time this year that the weekly rate has set a record based on almost 50 years of Freddie Mac data. The average rate for a 15-year fixed-rate mortgage fell to 2.44%, the lowest in almost thirty years.
These low interest rates are giving potential buyers more purchasing power, Freddie Mac’s chief economist stated. Rates are expected to stay low, supporting the busy real estate market.
to read a HousingWire article on the Freddie Mac report.