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Mortgage Rates Slide to Record-Low 2.86% for 30-Year Loans

  • Cheaper borrowing costs have fueled housing market boom
  • Higher home prices have started to erode affordability
home homes open house
Photographer: Ty Wright/Bloomberg
Updated on

Mortgage rates in the U.S. dropped to another record low, adding fuel to a housing market that’s been a key source of strength for the pandemic economy.

The average for a 30-year, fixed loan was 2.86%, down from 2.93% last week and the lowest in almost 50 years of data-keeping by Freddie Mac. It was the ninth time since the coronavirus started roiling financial markets that rates fell to a new low. The previous record, 2.88%, was reached in early August.