Mortgage rates plummeted this week to yet another record low.

On Thursday, long-term mortgage rates fell to 2.88%, ten basis points lower than the record low set just weeks ago when rates fell below 3%. It is the eighth time this year that rates have dropped to a new record low.

“The resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,” Freddie Mac’s Sam Khater said in a release. “We expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.”

The UrbanTurf Mortgage Rate Disclaimer: The rates reported by Freddie Mac for 30-year mortgages are usually the best rates that the most qualified borrowers can get, so borrowers or those considering refinancing should not necessarily read this news and think that they can go out and get a loan with the quoted interest rate.

SOURCE: UrbanTurf