Mortgage Interest Rates Hit Their Lowest Rate Ever Recorded—Again
As we near the end of the year, mortgage interest rates continue to rock bottom yet again.
Rates for a 30-year, fixed-rate loan closed out the week of December 17 at 2.67%, four basis points lower than the previous low of 2.71% seen for the past two weeks, as the Freddie Mac weekly survey indicates. This is a slightly steeper decline than we have been seeing most weeks when the rates would only take one or two basis points off to reach their new low.
The same trend appeared with the 15-year loans, dropping to 2.21%, down from 2.26% the week before.
At the beginning of the pandemic, when rates started seeing their first wave of record lows, many industry pundits were saying they would never dip below 3%. That was proven wrong in mid-July when they settled at 2.98% for a 30-year loan and 2.58% for a 15-year loan.