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Mortgage rates drop to historic low

Posted at 5:47 PM, Jul 17, 2020

Mortgage rates on the most common home loan dropped below three-percent for the first time on record, which could help both homeowners and buyers during uncertain economic times.

The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac.

That's the lowest level in the nearly 50 years of the mortgage giant's survey.

"The pandemic has caused an economic downturn and so in order to get people to get out there to get people getting comfortable with buying a home those rates are lowered to encourage that behavior," said Lauren Davis-Callihan, Marketing Supervisor Meritus Credit Union.

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