Today’s Thoughts: Mortgage Rates Just hit a New Low Again

According to the latest data released on 2nd July, Thursday by Freddie Mac, the 30-year fixed-rate average tumbled to a record-low 3.07 percent with an average 0.8 point. (Points are fees paid to a lender equal to 1 percent of the loan amount and are in addition to the interest rate.) It was 3.13 percent a week ago and 3.75 percent a year ago.

The 30-year fixed-rate is at its lowest level since Freddie Mac began tracking mortgage rates in 1971. It surpassed the previous low of 3.13 percent set last month. This is the fifth time the 30-year fixed rate has fallen to a new low in the past several months.

Freddie Mac, the federally chartered mortgage investor, aggregates rates from 125 lenders across the country to come up with national average mortgage rates. It uses rates for borrowers with flawless credit scores. These rates are not available to every borrower.

Read the whole article here:

Mortgage rates just hit a new low again



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