[NEW YORK] Mortgages rates have found another record low, potentially boosting a housing market that has been a bright spot for a shaky US economy. Read more at The Business Times.
[NEW YORK] Mortgages rates have found another record low, potentially boosting a housing market that has been a bright spot for a shaky US economy.
The average for a 30-year fixed loan fell to 2.88 per cent, the lowest in nearly 50 years of record keeping by Freddie Mac. It was the eighth time since the coronavirus started roiling financial markets that rates have dropped to a new low. The previous record was 2.98 per cent last month, when borrowing costs fell below 3 per cent for the first time. The lower rates are"giving potential buyers more purchasing power and strengthening demand," Sam Khater, chief economist at Freddie Mac, said in a statement on Thursday.
The record-low rates have propped up home prices and fuelled a housing recovery in an economy battered by the pandemic. "This is definitely helping affordability," said Tendayi Kapfidze, chief economist at LendingTree."It's also attracting a lot of people into the market who otherwise might not have been so quick to act."
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