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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