If it seems like you keep hearing about mortgage rates hitting yet another record low, that’s because you are. The 30-year mortgage rate just hit its eighth record low so far this year.
The average interest rate on a 30-year fixed-rate mortgage fell to a record low of 2.88% this past week, according to Freddie Mac. That’s the lowest level in the nearly 50 years of the mortgage giant’s survey. The 15-year fixed-rate mortgage dropped to 2.44%
The low rates give potential home buyers more purchasing power and should strengthen demand in the real estate market, Freddie Mac said.