Mortgage Rates Hit a New Low

Mortgage Rates Hit a New Low

Freddie Mac reported that mortgage rates hit another record low this month. As of October 15, the average rate for 30-year mortgages dropped to 2.81%, and the average rate for 15-year mortgages fell to 2.35%.

Compare this to January of this year, when the average 30-year mortgage rate was 3.72%, and the average rate for a 15-year mortgage was 3.16%. The decline in mortgage rates has been an incentive for home buyers, providing some counterbalance to rising home prices pushed up by low inventory levels.

Freddie Mac plays an important role in increasing liquidity and stability in the housing market. It purchases mortgages from lenders, providing cash for lenders to make additional loans to home buyers.

Data from Freddie Mac as of October 19, 2020

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