US mortgage rates have tumbled to a record low for 30-year loans
Buyers who didn’t lose their jobs are returning to the market to take advantage of the low mortgage rates.
A year ago, the rate was 4.06 percent.
US mortgage rates fell to a record low for the third time since the coronavirus started roiling global markets.
The average for a 30-year fixed-rate loan was 3.15 percent, down from 3.24 percent last week and the lowest in Freddie Mac data going back to 1971. The previous record, 3.23 percent, was reached last month, shattering March’s low of 3.29 percent.
The Federal Reserve is holding its benchmark rate at near zero and buying mortgage bonds as part of its plan to stimulate the economy with cheap credit. The purchases have helped stabilize the secondary market for home loans and enabled lenders to pass lower costs on to customers.
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