Mortgage Rates Edge Up, Still Near Record Lows

Mortgage rates ticked up this week but still remain under a 3% average and near historical lows. Freddie Mac reported the 30-year fixed-rate mortgage averaged 2.90% this week. The all-time low for rates was set in mid-September, averaging 2.86%.
Home buyers are seeing how record-low rates can significantly decrease their borrowing costs. Compared to a year earlier, mortgage rates have dropped more than 70 basis points. That has brought monthly payments on a $400,000 loan down by nearly $160, according to the National Association of REALTORS®. “With these ultra-low mortgage rates, homebuying activity is expected to remain strong in the fall,” NAR reports.
https://magazine.realtor/daily-news/2020/09/25/mortgage-rates-edge-up-still-near-record-lows