Yet another rate record! After 4 new records set in the past 5 weeks, Freddie Mac reports the 30-year fixed-rate average has fallen to 2.98%, its lowest level in history.

Experts attribute this movement to the latest downturn of the COVID-19 picture, citing that general concern of the pandemic is motivating buyers to secure a more favorable and financially-safer loan package.

The lending world expects however that optimistic developments with the pandemic, such as the indication of a vaccine, will have the opposite effect and push rates back up when the time comes.

Terms can vary significantly in the lending industry, so be sure to interview multiple lenders and find the most favorable terms for your purchase. Click here to receive a list of Amelie’s recommended lenders.