Long-term mortgage rates dropped below 3.6 percent this week.

On Thursday, Freddie Mac reported 3.57 percent with an average 0.5 point as the average for a 30-year mortgage, down eight basis points from last week.

“The fifty-year low in the unemployment rate combined with low mortgage rates has led to increased homebuyer demand this year,” Freddie Mac’s Sam Khater said in a release. “Much of this strength is coming from entry-level buyers – the first-time homebuyer share of the loans Freddie Mac purchased in 2019 is forty-six percent, a two-decade high.”

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