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