The average low-term mortgage rate has dropped below 3% (July 16)
The stagnant economic recovery in the face of the pandemic is keeping inflation tamped down despite pent-up homer demand.
WASHINGTON (AP) — Average rates on long-term mortgages continue to fall to new record lows, as the key 30-year loan dropped below 3 percent for the first time in 50 years. The stagnant economic recovery in the face of the coronavirus pandemic is keeping inflation tamped down despite pent-up homer demand.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan fell this week to 2.98 percent from 3.03 percent last week. These are the lowest levels since Freddie Mac began tracking averages in 1971. The rate averaged 3.81 percent a year ago.
The average rate on the 15-year fixed-rate mortgage declined to 2.48 percent from 2.51 percent, from last week.
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