US mortgage rates fall to record lows; 30-year at 2.98%

WASHINGTON (AP) — Average rates on long-term mortgages continue to fall to new record lows, as the key 30-year loan dropped below 3% for the first time in 50 years. The stagnant economic recovery in the face of the coronavirus pandemic is keeping inflation tamped down despite pent-up homebuying demand. Mortgage buyer Freddie Mac says the average rate on the 30-year home loan fell this week to 2.98% from 3.03% last week. These are the lowest levels since Freddie Mac began tracking averages