30-year mortgage rates fall below 3 percent for first time since 197130-year mortgage rates fall below 3 percent for first time since 1971https://www.recenter.tamu.edu/news/newstalk-texas/?Item=246072020-07-17T05:00:00Z2020-07-17T14:00:00Z

​​​​WASHINGTON ​– ​The 30-year fixed-rate mortgage averaged 2.98 percent this week, falling below 3 percent for the first time since Freddie Mac began tracking the metric in April 1971.

The 15-year fixed-rate mortgage fell to a record low of 2.48 percent.

Rates have dropped almost 2 percentage points over the past year and a half, helping drive up home​buying demand and keeping home prices from dropping during the COVID-19-related recession. 

For a mortgage in the amount of the national median home price (around $285,000), the rate drops this year would save a borrower more than $100 a month in payments and roughly $50,000 over the course of the loan.​

Applications for home-purchase and refinance loans increased 5.1 percent in the past week, according to the Mortgage Bankers Association.

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​Source: New York Times
New York Times
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