In a report Thursday, Freddie Mac reported that average of Untied States mortgage rates for a 30-year fixed loan dipped down to 2.91% for this week. This is the second-lowest level on record, according to the mortgage financier.
“This year has been anything but normal and as the uncertainty lingers, mortgage rates remain near record lows. These rates continue to incentivize potential buyers and the home buying season, which shifted from spring to summer, will likely continue into the fall,” read the report.
The drop comes in comparison to last week’s 2.99% rate, with the average rate for 15-year fixed home loan saw a decrease from 2.54% to 2.46%.
This data might explain an active housing market amid the pandemic—another encouraging sign for the housing market.