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US Mortgage Rates now below 3%

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Interest rates on a 30 year mortgage in the United States fell below 3% for the first time in history.

The largest American mortgage agency Freddie Mac reported a drop in the average rate of a 30-year loan to 2.98% (the lowest figure for 50 years of registration).

At the beginning of 2020, the average rate of a 30-year mortgage was 3.72%, and a year ago – 3.81%. As a comparison, the publication recalls that in the early 1980s, after tough measures by the Federal Reserve to combat inflation, the mortgage rate exceeded 18%.

Analysts now attribute historically low values ​​to the crisis surrounding the coronavirus pandemic.

“This is an incredible psychological mark. It indicates that we are in a crisis,”

Jeff Tucker, an economist at the Zillow Group real estate agency.
Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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