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Mortgage rates in the US hit another historic low in early July

According to Freddie Mac's latest Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) averaged 3.03% in the US, the lowest rate in the survey's history dating back to 1971.

“The summer is heating up as record low mortgage rates continue to spur homebuyer demand,” said Sam Khater, Freddie Mac's chief economist. “However, it remains to be seen whether the demand will continue if COVID cases rise to the point that it hinders economic growth.”This time last year, the 30-year FRM averaged 3.75%, which means that the average interest only mortgage payment has fallen by around 19% in the past 12 months.

The 15-year fixed-rate mortgage averaged 2.51%, down from last week when it averaged 2.56%, and down from a year ago when it averaged 3.22%, a fall of 22% in 12 months. 

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