Mortgage rates hit another all-time low as home buyers rush to secure cheap financing
The number of people applying for loans to purchase a home has increased for six consecutive weeks after falling earlier in the coronavirus outbreak
Mortgage rates have gotten even more affordable — a boon to the many Americans once again considering buying a home as coronavirus-related stay-at-home orders are lifted across the country.
The 30-year fixed-rate mortgage dropped to an average of 3.15% during the week ending May 28, a decrease of nine basis points from the previous week, Freddie Mac FMCC, -1.46% reported Thursday. This represents the lowest level since Freddie Mac began tracking this data starting in 1971. A year ago, the 30-year fixed-rate mortgage averaged 3.99%.
The previous record low was set at the end of April, when the average rate on a 30-year home loan dropped to 3.23%. This is now the third time in 2020 when the mortgage market has recorded a new historical low for interest rates. Read More