The 30-year fixed rate is at its lowest level since Freddie Mac began tracking mortgage rates in 1971. This is the seventh time the 30-year fixed rate has fallen to a new low in the past several months. ADFreddie Mac, the federally chartered mortgage investor, aggregates rates from 125 lenders nationwide to come up with weekly national average mortgage rates. The five-year adjustable rate average rose to 3.06 percent with an average 0.3 point. “Borrowers across the country are benefiting from mortgage rates that continue to decline to new record lows,” said Bob Broeksmit, MBA president and chief executive.

Source: Washington Post July 16, 2020 14:03 UTC