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Mortgage rates hit a record low for the 12th time this year
Mortgage rates fell to another record low last week, for the twelfth time since the beginning of the year.
The average interest rate on a 30-year fixed-rate mortgage dropped to 2.78%, according to Freddie Mac. That’s the lowest level in the nearly 50 years of the mortgage giant’s survey. The 15-year fixed-rate mortgage dropped to 2.32%.
Mortgage rates fell to another record low last week, for the twelfth time since the beginning of the year.
The average interest rate on a 30-year fixed-rate mortgage dropped to 2.78%, according to Freddie Mac. That’s the lowest level in the nearly 50 years of the mortgage giant’s survey. The 15-year fixed-rate mortgage dropped to 2.32%.
In the meantime, low rates continue to encourage people to refinance their mortgages and buy new homes.
“With a rising second wave of Covid cases, the challenge of social distancing continues to drive peoples’ quest for a housing solution,” said George Ratiu, senior economist for Realtor.com.
Demand for homes remains strong in early November, a surprising shift from historical and seasonal trends, he said.
“However, the lack of available homes is pushing listing prices considerably higher than a year ago,” said Ratiu. “The steep price gains are placing affordability front-and-center.”
Higher prices could offset the benefits of lower mortgage rates. For buyers looking to purchase, the median-priced home this month said Ratiu, the monthly mortgage payment will be just $8 less than it would have been last year, for a total savings of about $99 per year.
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