The average for a 30-year fixed loan fell to 2.98%, slipping below a psychological threshold that could fuel even more demand for housing.
“It’s not a silver bullet for the economic woes we’re experiencing, but it’s night-and-day different from what the housing market was looking like during the last recession,” said Ralph McLaughlin, chief economist for Haus, a co-investment platform for homebuyers. “It’s psychologically important,” he said. “For folks who aren’t aware mortgage rates are low, this should set off alarm bells.”
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