The numbers are in! Mortgage buyer Freddie Mac reported Thursday, July 9 that the average 30 year fixed mortgage rate has declined to 3.03%, down from the 3.07% average last week – And 3.13% two weeks prior.
These are the lowest rates seen since Freddie Mac began tracking averages in 1971. One year ago, the average rate on a 30 year loan was 3.75%. Average rates on 15 year fixed mortgages have also continued to fall – Now 2.51% compared to 2.56% last week and 3.22% one year ago.
These lower than normal rates are helping make homes more affordable as potential buyers appear to be returning to the market as the pandemic continues.
For more information and to begin your home search, contact Jason Taub – Realtor® in Fort Lauderdale, Florida.
Sources: Florida Realtors and Josh Boak, Associated Press
