Homeowners rush to refinance as 30-year rate falls below 3% With 30-year mortgage rates falling this week to a half-century low, U.S. homeowners are seizing on the chance to refinance their home loansLOS ANGELES -- With the 30-year mortgage rate falling this week below 3% for the first time in a half-century, more U.S. homeowners are likely to seize the chance to refinance their home loans. The average rate on the key 30-year fixed-rate mortgage fell this week to 2.98%, mortgage buyer Freddie Mac said Thursday. It's the first time in 50 years that the average rate on the 30-year loan has dropped below 3%. The record low rates are also making homes more affordable to potential buyers, who appear to be returning to the market. “When you have an investor with deep pockets like the Fed buying mortgage-backed securities, that keeps the (10-year Treasury yield) low,” Nothaft said.

Source: ABC News July 16, 2020 19:17 UTC