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Mortgage rates have never been this low

November 19, 2020. Summarized by summa-bot.

ALEXANDRIA, VA - NOVEMBER 16: A view of the townhouses at Lenox Place at Sunnyside on November 16, 2020 in Alexandria, Va. (Photo by Ricky Carioti/The Washington Post via Getty Images)

Mortgage rates fell to another record low last week, for the 13th time this year.

Mortgage rates fell to another record low last week, for the 13th time this year.

The average interest rate on a 30-year fixed-rate mortgage dropped to 2. 72%, according to Freddie Mac. That's the lowest level in the nearly 50 years of the mortgage giant's survey.

The 15-year fixed-rate mortgage dropped to 2. 28%.

"Weaker consumer spending data, which accounts for the majority of economic growth, drove mortgage rates to a new record low," said Sam Khater, Freddie Mac's chief economist.

The continuing low interest rates have helped to fuel a boom in the US housing market.

But, he said the steep rise in home prices is diminishing the benefit of lower mortgage rates.

"For today's buyers, the current rate combined with higher prices translates into a savings of only $4 per month on a mortgage payment," he said.

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