Industry News Market Update

Mortgage rates drop below three percent for the first time

Photo by Scott Graham on Unsplash

MarketWatch | Jacob Passy

At the beginning of the coronavirus pandemic, mortgage industry experts forecast that benchmark interest rates might fall, but wouldn’t drop below 3%. But now, that’s just what has happened.

And many economists predict that mortgage rates will remain below that threshold into 2021.

The 30-year fixed-rate mortgage averaged 2.98% for the week ending July 16, down five basis points from the previous week, according to Freddie Mac.

Read the story online: Mortgage rates drop below 3% for the first time — and economists say rates could stay that low through 2021

Related posts

Portland behind other U.S. cities in home price rises

jlspr

REALTOR Magazine’s 30 Under 30 application is live!

jlspr

Lacking momentum? Here’s how to get your groove back

jlspr