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Mortgage Rates Sink to Lowest in 50-Year History

Wednesday, Mar 11 2020
Lending
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As coronavirus fears drive down interest rates, borrowing costs for potential homeowners have sunk to their lowest going back nearly half a century. So reports Business Insider.

According to Freddie Mac, the 30-year fixed-rate mortgage averaged 3.29% for the week ending March 5. That’s down from 3.45% the week before and is the lowest since records began 48 years ago, beating a previous low of 3.31% reached last November.

The decline came as the Federal Reserve made an emergency rate cut to cushion the economic impact from the covid-19 outbreak.

Read the full article from Business Insider. 

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