Tags: mortgage rates | record low | home | loans

Mortgage Rates Slide to Record Low for 11th Time This Year

Mortgage Rates Slide to Record Low for 11th Time This Year

Thursday, 22 October 2020 11:09 AM

Mortgage rates in the U.S. once again dipped to a record low.

The average for a 30-year, fixed loan dropped to 2.8%, down from 2.81% last week and the lowest in almost 50 years of data-keeping, Freddie Mac said in a statement Thursday. It was the 11th record low this year. The previous one held for a week.

The plunge in borrowing costs began in March as the coronavirus roiled financial markets. The lower rates have fueled a housing rally that has boosted the pandemic-battered U.S. economy.

Home sales have surged as Americans look for more space in the suburbs. But the lower mortgage rates have combined with scarce inventory to drive up prices, possibly pushing homeownership out of reach for many.

© Copyright 2021 Bloomberg News. All rights reserved.


   
1Like our page
2Share
Personal-Finance
Mortgage rates in the U.S. once again dipped to a record low.
mortgage rates, record low, home, loans
122
2020-09-22
Thursday, 22 October 2020 11:09 AM
Newsmax Media, Inc.
 
Newsmax TV Live

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved