Mortgage Rates Slip to Record Low 2.98% for 30-Year Loans

August 3, 2020
Prashant Gopal - Bloomberg

Mortgage rates are searching for the floor.

The average for a 30-year fixed loan fell to 2.98%, slipping below a psychological threshold that could fuel even more demand for housing.

Rates dropped to the lowest level in almost 50 years of record-keeping by Freddie Mac for the third straight week and the seventh time since the coronavirus outbreak began roiling financial markets. The tumble came as the Federal Reserve holds its benchmark rate near zero and buys mortgage bonds as part of its plan to stimulate the economy.



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