Freddie Mac's 30-year mortgage rate hit its 4th all-time low since March
- The rate on the popular 30-year fixed rate mortgage fell to another record low of 3.13%, according to Freddie Mac data released Thursday.
- It's the fourth time the US mortgage rate has slipped to a record low since the
coronaviruspandemic began to roil global marketsin March.
- The falling rates have helped fuel a rebound in the US
housing market. Last week, applications to purchase a home jumped to the highest in 11 years according to the Mortgage Bankers Association's Wednesday report.
- Read more on Business Insider.
One measure of popular US
Other measures of the 30-year fixed-rate loan have fallen even further — Mortgage News Daily's records show the rate fell below 3% for the first time ever last week.
Mortgage rates, which loosely take their cues from the 10-year US Treasury bond, first slumped as investors fled to safety in the early days of the coronavirus pandemic market rout. Rates have stayed at historic lows as the Federal Reserve holds its benchmark interest rate near zero and snaps up mortgage bonds as part of its economic stimulus efforts.Read more: Heath Jones is a US Army neuroscientist whose side hustle is scooping up real estate for passive income. Here's how he leverages a simple strategy for extra cash.
"Mortgage rates have hit another record low due to declining inflationary pressures, putting many homebuyers in the buying mood,"
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