Mortgage rates at half-century low

The average for a 30-year fixed-rate home mortgage fell to 2.9 percent this week, according to Freddie Mac on Thursday. That’s the first time in 50 years the rate has dropped below 3 percent. Homeowners refinanced more than double the number of home loans—2 million—between January and April than they did during the same period last year, according to CoreLogic, a real estate data company.

How is the housing market doing? Although home construction rose 17.3 percent in June as some states reopened, the overall rate is 4 percent behind last year’s figures. Applications for building permits rose 2.1 percent, though an uptick in COVID-19 cases in the South could put a halt to some new projects.

Dig deeper: Listen to Nick Eicher and David Bahnsen discuss the job market on The World and Everything in It.

About the writer…

Rachel Lynn Aldrich

Rachel is an assistant editor for WORLD Digital. Follow Rachel on Twitter @Rachel_Lynn_A.

 

This story originally appeared in WORLD. © 2020, reprinted with permission. All rights reserved.

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