Mortgage rates have dropped to their lowest level on record.

Today, Freddie Mac reported 3.29 percent with an average 0.7 point as the average for a 30-year mortgage, the lowest level for rates in fifty years.

“The average 30-year fixed-rate mortgage hit a record 3.29 percent this week, the lowest level in its nearly 50-year history. Meanwhile, mortgage applications increased 10 percent last week from one year ago and show no signs of slowing down,” Freddie Mac’s Sam Khater said in a release. “Given these strong indicators in rates and sales, as well as recent increases in new construction, it’s clear the housing market continues to be a positive force for the broader economy.”

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