30-year fixed-rate mortgage fell below 3 percent for the first ever!

Dated: July 22 2020

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  The average mortgage rate for a 30-year fixed-rate mortgage fell below 3 percent for the first time Freddie Mac began tracking weekly rates in 1971. The average 30-year fixed-rate mortgage was reported at 2.98 percent, down from 3.03 percent last week.

Sam Khater | Photo credit: Freddie Mac

“Mortgage rates fell below 3 percent for the first time in 50 years,” Sam Khater, Freddie Mac’s chief economist, said in a statement. “The drop has led to increased homebuyer demand, and these low rates have been capitalized into asset prices in support of the financial markets.”

“However, the countervailing force for the economy has been the rise in new virus cases which has caused the economic recovery to stagnate, and this economic pause puts many temporary layoffs at risk of ossifying into permanent job losses.”

The 15-year fixed-rate mortgage averaged 2.48 percent, down slightly from last week’s 2.51 percent average and down from last year’s 3.23 percent average. The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 3.06 percent, up slightly from last week’s 3.02 percent average and down from last year’s 3.48 percent average.

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Gary Simmens

Licensed since 18 years young, and a broker honors in NJ since his early 20`s, Gary has now, over 44 years experience, diversified in all aspects in real estate, including owning two offices and ma....

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