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“Mortgage rates fall to a record low for the eighth time this year, making buying a home more affordable for many Americans”

“As mortgage rates continue to decline to new record lows, prospective home buyers are facing a frustrating situation: Cheap financing is everywhere, but there’s seldom a home to buy.

The 30-year fixed-rate mortgage averaged 2.88% for the week ending August 6, dropping 11 basis points from the week prior, Freddie Mac FMCC, +2.94% reported Thursday. It was the eighth time this year the benchmark mortgage rate slipped to a record low. In comparison, these loans had an average rate of 3.6% a year ago.

The 15-year fixed-rate mortgage dropped seven basis points to an average of 2.44%, while the 5-year Treasury-indexed hybrid adjustable-rate mortgage fell by only four basis points to 2.9%…”

https://www.marketwatch.com/story/mortgage-rates-fall-to-a-record-low-for-the-eighth-time-this-year-making-buying-a-home-more-affordable-for-many-americans-2020-08-06?siteid=yhoof2&yptr=yahoo

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