Mortgage Blog

Mortgage Rates Hit Record Low In August 2020

Mortgage Rates

Source: CNBC Mortgage rates set record low but borrowers step back

 

In the wake of the federal reserve lower rates due to Covid-19, last week saw another record low for mortgage rates.  As of last week the average conventional 30 year fixed rate dipped to 3.14%.  Refinace applications also dropped 7% for the week, but overall for the year are up about 84%.  

 

The mortgage data analytics firm Black Knight has suggested however that there are around 18 millon qualifying borrowers out there that could benifit from refinacing in this market.  

FHA rates remained constant from the previous week at 3.27%