Mortgage interest rates have once again hit a historic low. This week’s Freddie Mac average for a 30-year fixed-rate mortgage dipped to 2.81%. This time in 2019, the average rate was 3.69%. In 2018? We saw an average of 4.85%.
Despite the historically low rates, mortgage applications went down this past week. According to the Mortgage Bankers Association’s Associate Vice President of Economic and Industry Forecasting, Joel Kan, “Applications for government mortgages offset some of the overall decline by increasing 3%, driven by a solid gain in government purchase applications and an 11% jump in VA refinance applications.