Instant Reaction: Mortgage Rates, September 3, 2020

Mortgage rates inched up this week to average 2.93% from 2.91% the prior week. However, mortgage rates remain near record lows below 3%. With these ultra-low mortgage rates, existing and new home sales ramped up to pre-pandemic levels.

Compared to the beginning of the year, rates dropped nearly 80 basis points. This translates to a decrease in monthly payments of $120 for the typical American.