The average rate on a 30-year loan declined to 3.13%, the lowest level since Freddie Mac began tracking rates in 1971.
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.
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