Mortgage rates in the United States have dipped, with the average for a 30-year loan at 2.96 percent.
That was down from 2.99 percent from last week, Freddie Mac said Thursday. Rates have been hovering right around 3 percent for about two months.
Historically low rates continue to give Americans an incentive to buy a home, even as many potential buyers struggle to find affordable properties. Current borrowers have been able to save money by refinancing.
The cheaper borrowing costs have fueled frenzied demand for houses during the pandemic. That’s helped push up prices as buyers compete for a dearth of available properties.
The record low for a 30-year fixed loan was 2.65 percent, reached in January.