Mortgage Rates Fall to Record Low for 12th Time This Year

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Mortgage rates in the U.S. fell to another record low.

The average for a 30-year, fixed loan dropped to 2.78%, the lowest in data going back to 1971, Freddie Mac said Thursday. It was the 12th record low this year. The previous one, 2.8%, held for two weeks.

The decline in borrowing costs that began in March, as the coronavirus roiled financial markets, shows no signs of stopping. Cheap loans have powered a housing rally that has bolstered the pandemic economy. Purchases have soared and millions of current homeowners have been able to save money by refinancing.

Read more at NEWSMAX.

{Matzav.com}

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