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Viral claims on social media are accurate.
Entering 2020, the 30-year fixed-rate mortgage was already below 4 percent. Then the onset of the COVID-19 pandemic brought it to a record low, just under 3 percent.
The average 30-year fixed-rate mortgage had a contract interest rate of 6.15% last week, and while that's far greater than it was in the 2020/2021 time frame, it's down significantly from 7.31% in ...
The average rate fell to 6.85% from 6.87% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.9%. Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate fell to 6.04% from 6.09% last week.
The average rate on a 30-year mortgage is now at its lowest level since Dec. 26, when it was also 6.85%. It briefly fell to a 2-year low last September, but has been mostly hovering around 7% this ...
Not only have home prices been elevated, but mortgage rates have been relatively high -- especially compared to the record-low rates borrowers enjoyed in 2020 and 2021.
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