{"id":17641,"date":"2020-08-11T11:20:34","date_gmt":"2020-08-11T11:20:34","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=17641"},"modified":"2020-08-11T11:20:34","modified_gmt":"2020-08-11T11:20:34","slug":"new-record-low-for-30-year-mortgage-rate-2-88","status":"publish","type":"post","link":"https:\/\/www.anthonydidonato.net\/wordpress\/new-record-low-for-30-year-mortgage-rate-2-88\/","title":{"rendered":"New Record Low for 30-Year Mortgage Rate: 2.88%"},"content":{"rendered":"

New Record Low for 30-Year Mortgage Rate: 2.88%<\/h1>\n
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For the eighth time this year, the 30-year mortgage rate hit an historic low. Home buyers and refinancing homeowners could now potentially lock in the lowest rates Freddie Mac has recorded since it began tracking such data in 1971.<\/p>\n

\u201cThe resilience of the housing market continues as mortgage rates hit another all-time low, giving potential buyers more purchasing power and strengthening demand,\u201d says Sam Khater, Freddie Mac\u2019s chief economist. \u201cWe expect rates to stay low and continue to propel the purchase market forward. However, the main barrier to rising demand remains the lack of inventory, especially for entry-level homes.\u201d<\/p>\n

The National Association of REALTORS\u00ae predicts that rates could fall further over the next few weeks, since 10-year Treasury yields, which mortgage rates tend to follow, also have retreated slightly.<\/p>\n

Jumbo mortgages, on the other hand, cannot be sold to Fannie Mae and Freddie Mac and do not carry a government guarantee. Therefore, they are more difficult to obtain, with lenders requiring higher down payments and stellar credit. \u201cThe housing market is hot because of the lower mortgage rates, but the luxury market may remain soft due to jumbo loan issues,\u201d NAR economists say.<\/p>\n

Freddie Mac reports the following national averages with mortgage rates for the week ending Aug. 6:<\/p>\n