Long-term mortgage rates fell this week as the benchmark 30-year home loan reached a new all-time low.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the key 30-year loan declined to 3.13 percent from 3.21 percent last week. It was the lowest level since Freddie began tracking average rates in 1971. A year ago, the rate stood at 3.84 percent.In recent weeks, signs have pointed to the economy appearing to be slowly recovering from the devastation of the coronavirus pandemic, with more businesses partially reopening.
The outlook for the economy and housing will be affected by prospects for a vaccine for the virus and government relief measures and policies, Khater noted., a historically high number, even as the economy increasingly reopens and employers bring some people back to work.
Source: Loan Digest (loandigest.net)
Now let’s see who will really benefit. Banks are, per news reporting, making it more difficult than ever to those with lower income and in real need to get income relief.
That’s amazing. When we bought our house in 1983, we were lucky to get a 12.5% interest rate.
How about we get them way lower.
Mac & Chesus those rates are low!
Who cares. We’re all broke.
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