30-Year Fixed-Rate Mortgage Sinks To New All-Time Low, Fueling New Wave Of Refinancing

The Federal Home Loan Mortgage Corp., better known as Freddie Mac, said Thursday that the 30-year fixed-rate mortgage, or FRM, has fallen to an average of 2.86%. It marks the lowest rate in history, dating back to 1971, for the week ended Sept. 10.

Last week, the 30-year FRM averaged 2.93%, while the FRM averaged 3.56% for the same period in 2019.

“Mortgage rates have hit another record low due to a late-summer slowdown in the economic recovery,” said Sam Khater, Freddie Mac’s chief…

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