The 30-year fixed mortgage rate, the most popular home loan product, has been on a six-week slide, a downturn fueled by rising apprehension about the pandemic.
According to the latest data released Thursday by Freddie Mac, the 30-year fixed-rate average dropped to 2.77% with an average 0.6 point. (Points are fees paid to a lender equal to 1% of the loan amount. They are in addition to the interest rate.) It was 2.8% a week ago and 2.88% a year ago. The 30-year fixed average has not been above 3% since late June.