--- title: Mortgage Rates Hit Record Lows for Three Consecutive Weeks description: "Fix & Flippers: consumer mortgage rates are falling and exploding purchase budgets." image: https://blog.capitalfund1.com/hubfs/Rich%20Text%20Pasting/unknown-1595280093502.jpg --- Still Making Loans, Still Closing on Time [COVID-19 Update](https://capitalfund1.com/covid-19-update/) [+ ](https://blog.capitalfund1.com/mortgage-rates-hit-record-lows-for-three-consecutive-weeks#) [+ ](https://blog.capitalfund1.com/mortgage-rates-hit-record-lows-for-three-consecutive-weeks#) [REQUEST INFO](https://capitalfund1.com/request-information) # Mortgage Rates Hit Record Lows for Three Consecutive Weeks Over the past several weeks, *Freddie Mac* has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to [3.03%](http://www.freddiemac.com/pmms/pmms_archives.html). Last week’s reported rate reached the lowest point in the history of the survey, which dates back to 1971 *(See graph below*):[![Mortgage Rates Hit Record Lows for Three Consecutive Weeks | MyKCM](https://blog.capitalfund1.com/hs-fs/hubfs/Rich%20Text%20Pasting/unknown-1595280093502.jpg?width=600&height=338&name=unknown-1595280093502.jpg)](https://files.mykcm.com/2020/07/14114308/20200715-MEM-Eng-1.jpg) #### **What does this mean for buyers?** This is huge for homebuyers. Those currently taking advantage of the increasing [affordability](https://www.mykcm.com/2020/07/07/taking-advantage-of-homebuying-affordability-in-todays-market/) that comes with historically low interest rates are winning big. According to Sam Khater, *Chief Economist* at *Freddie Mac:* > *“The summer is heating up as record low mortgage rates continue to spur homebuyer demand.”* In addition, *move.com* [notes](https://news.move.com/2020-07-09-Realtor-com-R-Weekly-Recovery-Report-Record-Breaking-Traffic-Signals-Summer-Buying-Season-is-Here): > *“Summer home buying season is off to a roaring start. As buyers flooded into the market, realtor.com**®** monthly traffic hit an all-time high of 86 million unique users in June 2020, breaking May’s record of 85 million unique users. Realtor.com**®** daily traffic also hit its highest level ever of 7 million unique users on June 25, signaling that despite the global pandemic buyers are ready to make a purchase.”* Clearly, buyers are capitalizing on today’s low rates. As shown in the chart below, the average monthly mortgage payment decreases significantly when rates are as low as they are today.[![Mortgage Rates Hit Record Lows for Three Consecutive Weeks | MyKCM](https://blog.capitalfund1.com/hs-fs/hubfs/Rich%20Text%20Pasting/unknown-1595280093502-1.jpg?width=600&height=338&name=unknown-1595280093502-1.jpg)](https://files.mykcm.com/2020/07/14114306/20200715-MEM-Eng-2.jpg)A lower monthly payment means savings that can add up significantly over the life of a home loan. It also means that qualified buyers may be able to purchase more home for their money. Maybe that’s a [bigger home](https://www.mykcm.com/2020/07/02/is-the-health-crisis-driving-buyers-out-of-urban-areas/) than what they’d be able to afford at a higher rate, an increasingly desirable option considering the amount of time families are now spending at home given today’s health crisis. ### **Bottom Line** If you’re in a position to buy a home this year, let’s connect to initiate the process while mortgage rates are historically low. On July 28, 2020   /   [Capital Fund I](https://blog.capitalfund1.com/tag/capital-fund-i) [Arizona real estate](https://blog.capitalfund1.com/tag/arizona-real-estate) [Real Estate News](https://blog.capitalfund1.com/tag/real-estate-news)   /   [Leave a comment](https://blog.capitalfund1.com/mortgage-rates-hit-record-lows-for-three-consecutive-weeks#comments-listing) ### Contact Capital Fund I [Back to Top](https://blog.capitalfund1.com/mortgage-rates-hit-record-lows-for-three-consecutive-weeks#) ### Contact Us ### Latest Posts - [![Two Reasons We Won’t See a Rush of Foreclosures This Fall](https://files.mykcm.com/2020/07/21114651/20200722-MEM-ENG.jpg) ](https://blog.capitalfund1.com/two-reasons-we-wont-see-a-rush-of-foreclosures-this-fall) [Two Reasons We Won’t See a Rush of Foreclosures This Fall](https://blog.capitalfund1.com/two-reasons-we-wont-see-a-rush-of-foreclosures-this-fall) The health crisis we face as a country has led businesses all over the nation to reduce or discontinue their services altogether. This pause in... [Read more → ](https://blog.capitalfund1.com/two-reasons-we-wont-see-a-rush-of-foreclosures-this-fall) - [![Mortgage Rates Hit Record Lows for Three Consecutive Weeks](https://blog.capitalfund1.com/hs-fs/hubfs/Rich%20Text%20Pasting/unknown-1595280093502.jpg?width=725&name=unknown-1595280093502.jpg) ](https://blog.capitalfund1.com/mortgage-rates-hit-record-lows-for-three-consecutive-weeks) [Mortgage Rates Hit Record Lows for Three Consecutive Weeks](https://blog.capitalfund1.com/mortgage-rates-hit-record-lows-for-three-consecutive-weeks) Over the past several weeks,*Freddie Mac*has reported the average 30-year fixed mortgage rate dropping to record lows, all the way down to[3.03%](http://www.freddiemac.com/pmms/pmms_archives.html). Last... [Read more → ](https://blog.capitalfund1.com/mortgage-rates-hit-record-lows-for-three-consecutive-weeks)