Mortgage rates fell back below 3% this week and are now just north of all-time record lows.

On Thursday, Freddie Mac reported 2.99% with an average 0.8 point on a 30-year mortgage, down from 3.01% last week. The record low rate is 2.98%.

“It’s Groundhog Day in the mortgage market as rates continue to remain near historic lows, driving purchase demand over 20 percent above a year ago,” Freddie Mac’s Sam Khater said in a release. “Real estate is one of the bright spots in the economy, with strong demand and modest slowdown in home prices heading into the late summer. Home sales should remain strong the next few months into the early fall.”

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