Anyone who’s planning to buy a home, or thinking about refinancing the loan on their current abode, has probably been giving mortgage interest rates a lot of attention—and getting frustrated as they fluctuate up and down.
The average interest rate for the most common type of loan hit a new all-time low of 2.94% on Thursday, according to Mortgage News Daily. That’s for a fixed-rate 30-year loan. While that’s great news for borrowers, who can potentially save hundreds of dollars a month as a result, rates may not stay below 3% for long.
Mortgage rates have been all over the place, falling after the coronavirus pandemic threw the nation’s economy into turmoil, then rising temporarily as lenders were deluged by a tsunami of refinance applications. Last week, they were on the upswing again, climbing to 3.24% on Friday, after May’s unemployment report showed the economy was recovering.
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