Mortgage rates drop even lower to new record of 2.65%
The average mortgage rate continues to fall! It fell to a record low sixteen times throughout 2020 according to Freddie Mac’s Primary Mortgage Market Survey. Then, the mortgage rate for a 30-year fixed loan fell two basis points to the lowest rate in the survey’s near 50-year history during the first week of the new year. This, as buyer demand for homes explodes and residential spending continues to lead construction spending. We take a closer look This Week in Real Estate.
“Even just a year ago, that didn’t seem probable, and it’s certainly not my baseline forecast, but we’d have to acknowledge that there is a chance rates could continue their secular decline.”said Len Kiefer, Freddie Mac‘s deputy chief economist