This year’s amazing mortgage rates have gotten even more stunning. A widely followed survey shows that after tumbling for months, the average rate for a 30-year mortgage has now fallen all the way down to a level below 3%.
That’s a first for mortgage giant Freddie Mac’s weekly survey, which started in 1971 when Richard Nixon was president and 30-year mortgages were averaging 7.33%. The rates would skyrocket above 18% in the early 1980s.
This year, mortgage rates have been turned on their heads by the coronavirus crisis and how investors and the Federal Reserve have been responding to it.
And, a new forecast says rates under 3% could become the norm next year.
Mortgage rates make history
Mortgage rates have hit a new all-time low for the seventh time since