Throughout 2020, mortgage rates dropped to all-time lows on more than a dozen occasions.
Mortgage rates have closed out 2020 around the lowest levels on record. But those looking to lock-in this cheap financing shouldn’t wait on the sidelines for too long.
Meanwhile, the 15-year fixed-rate mortgage dropped two basis points to an average of 2.17%, representing a record low for that mortgage product. The 5-year Treasury-indexed hybrid adjustable-rate mortgage fell by eight basis points to 2.71%.
“With 2020 wrapping up, we can look back on a year where low mortgage rates served as a potent fuel, driving activity and offering buyers access to a home,” said George Ratiu, senior economist at Realtor.com.