Mortgage rates fell slightly this week, setting a new record low for the 10th time this year, Freddie Mac reports. The 30-year fixed-rate mortgage averaged 2.81%, the lowest rate since Freddie Mac began tracking such data in 1971. The previous all-time low, an average of 2.86%, was set in mid-September.

“Low mortgage rates have become a regular occurrence in the current environment,” says Sam Khater, Freddie Mac’s chief economist. “As we hit yet another record low, many people are benefiting, as refinance activity remains strong. However, it’s important to remember that not all people are able to take advantage of low rates, given the effects of the pandemic.”

Freddie Mac reports the following national averages for the week ending Oct. 15:
*30-year fixed-rate mortgages: averaged 2.81%, with an average 0.6 point, down from last week’s 2.87% average. Last year at this time, 30-year rates averaged 3.69%.
*15-year fixed-rate mortgages: averaged 2.35%, with an average 0.5 point, falling from last week’s 2.37% average. A year ago, 15-year rates averaged 3.15%.

Source: Freddie Mac