Mortgage Rates Hit New Low

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Real Estate

Mortgage rates have hit a record-low once again. According to Freddie Mac, the average interest rate on 30-year, fixed-rate mortgage loans is now just 2.80%, the lowest point recorded since 1971 — when the company began tracking rates.

It’s just the latest drop in a long string of decreases in 2020. At the start of the year, the average rate was 3.62%. On a $200,000 loan, that’s a difference of $90 per month and more than $32,000 in interest over the course of 30 years.

According to Sam Khater, chief economist at Freddie Mac, the low rates offer big opportunities for existing homeowners.

Click here for more information: https://www.forbes.com/sites/alyyale/2020/10/22/mortgage-rates-hit-new-low-heres-how-much-they-could-save-homeowners-per-month/?sh=54019107c1f3