US average mortgage rates pummel as 30-year fixed rate debts dive to 2.88%

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US average mortgage rates pummel as 30-year fixed rate debts dive to 2.88%

Mortgage buyer Freddie Mac said in a statement that the US average rates on long-term mortgages had fallen to a record low this week, while the popular-most 30-year fixed mortgage rate dipped further to an all-time low of 2.88 per cent after rising over 3 per cent a couple of weeks earlier.

Besides, Freddie Mac had also added at its statement that the average 30-year home loan had dropped to 2.88 per cent as beforementioned, compared to a rate of 2.99 per cent a week earlier, marking up the lowest reading ever since the New York-based mortgage buyer had started off tracking the rates back in the 1971.

On top of that, on a year-on-year basis, the 30-year fixed home loan had been dropped to 2.88 per cent this week from a reading of 3.60 per cent compared to the same time a year earlier, while the average rate for 15-year fixed rate mortgage had also dipped further to 2.44 per cent this week from a figure of 2.51 per cent a week earlier.

Homebuying demand continues to shore up amid record low mortgage rate

Aside from that, followed by the reveal of Freddie Mac’s mortgage rates for this week, a number of analysts seemed to have pointed towards the US Housing market as one of the few bright spots in the US economy, as existing and new home sales demand remained higher amid a record-low mortgage rate, nonetheless, a potential obstacle for key buyers had been a lack of available homes for sale, in particular for the first-time purchase, Freddie Mac added.

Nonetheless, in the face of a steady spike in the pandemic resurgence in the United States, a number of US employees had been ordered to work form home, while as the pandemic outbreak has been spreading across the densely populated southern and northern part of the United States, an unprecedented number of Americans had shifted into the countryside, eventually spurring up demands for the US housing market.