Mortgage rates are now at record lows nationally, with 30-year fixed mortgage rates now just over 3%. These incredibly low rates are driving homebuyer demand for real estate higher, even in the midst of the pandemic.
According to Freddie Mac, this is the lowest mortgage rate for a fixed mortgage in almost 60 years. Mortgage rates have broken historic lows multiple times in the last several months.
Mortgage rates first plummeted in March, when the full measure of the coronavirus’s effects became clear and investors fled financial markets. Rates are widely expected to remain low for the foreseeable future as the Federal Reserve continues its policy of purchasing mortgage debt and keeping interest rates near zero to stimulate the economy.