(CNN) Mortgage rates fell below 3% for the first time ever as the economy continues to struggle from the effects of the coronavirus pandemic. The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac. The 15-year fixed-rate mortgage dropped to 2.48%. The average rate for a 30-year-fixed mortgage dropped below last week's record low of 3.03% and marks the seventh new low since March. Record-low rates have led to increased demand among homebuyers, according to Freddie Mac.

Source: CNN July 16, 2020 16:41 UTC