Mortgage rates have hit a record-low once again. According to Freddie Mac, the average interest rate on 30-year, fixed-rate mortgage loans is now just 2.80%, the lowest point recorded since 1971 — when the company began tracking rates.
It’s just the latest drop in a long string of decreases in 2020. At the start of the year, the average rate was 3.62%. On a $200,000 loan, that’s a difference of $90 per month and more than $32,000 in interest over the course of 30 years.
According to Sam Khater, chief economist at Freddie Mac, the low rates offer big opportunities for existing homeowners.
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