9/12/2020   Blog Home   Contact

Mortgage Rates Did It Again: Another Record Low

John McClintock Team

Just as some housing experts were predicting rates couldn’t get lower, they did. The 30-year fixed-rate mortgage reached a new all-time low, averaging 2.86% this week, according to Freddie Mac. “Mortgage rates have hit another record low due to a late-summer slowdown in the economic recovery,” says Sam Khater, Freddie Mac’s chief economist. “These low rates have ignited robust purchase demand activity, which has been growing at double-digit rates for four consecutive months. However, heading into the fall, it will be difficult to sustain the growth momentum in purchases because the lack of supply is already exhibiting a constraint on sales activity.”

Freddie Mac reports the following national averages with mortgage rates for the week ending Sept. 20:

Source: National Association of Realtors, Realtor Magazine.


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Information is deemed reliable but not guaranteed.