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Mortgage rates at half-century low

by Rachel Lynn Aldrich
Posted 7/17/20, 12:33 pm

The average for a 30-year fixed-rate home mortgage fell to 2.9 percent this week, according to Freddie Mac on Thursday. That’s the first time in 50 years the rate has dropped below 3 percent. Homeowners refinanced more than double the number of home loans—2 million—between January and April than they did during the same period last year, according to CoreLogic, a real estate data company.

How is the housing market doing? Although home construction rose 17.3 percent in June as some states reopened, the overall rate is 4 percent behind last year’s figures. Applications for building permits rose 2.1 percent, though an uptick in COVID-19 cases in the South could put a halt to some new projects.

Dig deeper: Listen to Nick Eicher and David Bahnsen discuss the job market on The World and Everything in It.

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Rachel Lynn Aldrich

Rachel is an assistant editor for WORLD Digital. She is a Patrick Henry College and World Journalism Institute graduate. Rachel resides with her husband in Wheaton, Ill.

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