comscore Mortgage rate drops below 3.5 percent for first time | Honolulu Star-Advertiser
Top News

Mortgage rate drops below 3.5 percent for first time

  • AP
    This June 13
[ AD HAS BEEN REMOVED FROM THIS STORY ]

WASHINGTON >> The average rate on the 30-year fixed mortgage fell again, this time dropping below 3.50 percent for the first time on records dating back 60 years.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan declined to 3.49 percent. That’s down from 3.53 percent last week and the lowest since long-term mortgages began in the 1950s.

The average rate on the 15-year fixed mortgage, a popular refinancing option, dipped to 2.80 percent. That’s below last week’s previous record of 2.83 percent.

The rate on the 30-year loan has fallen to or matched record-low levels in 13 of the past 14 weeks.

Cheaper mortgages have helped drive a modest but uneven housing recovery this year.

Sales of new and previously occupied homes fell in June but were higher than the same month last year. Home prices have started to stabilize in many large markets. And builders are more confident and are putting up more houses than they have in nearly four years.

Click here to see our full coverage of the coronavirus outbreak. Submit your coronavirus news tip.

Be the first to know
Get web push notifications from Star-Advertiser when the next breaking story happens — it's FREE! You just need a supported web browser.
Subscribe for this feature
Comments have been disabled for this story...

Scroll Up