According to Freddie Mac, the average 30-year fixed-rate mortgage edged down by one basis point to 2.8% for the week ending October 22. This marks the 11th week this year when this rate hit a low since records began almost 50 years ago.
It’s unclear how much the drop in rates is helping prospective homebuyers. “With prices still rising by double-digits, buyers are finding that price gains are outpacing their wage growth and stunting their borrowing potential,” George Ratiu, senior economist at Realtor.com, told MarketWatch.
