Mortgage rates hit another record low this year

COLUMBIA, SC (WOLO)– Mortgage rates dropped to another record low last week, for the 15th time this year. The average interest rate on a 30 year fixed-rate mortgage dropped to 2.67%, which is the lowest level in nearly half a century.

According to the Mortgage Bankers Association, applications for purchases of homes are up 26% from last year, and refinances are up 105% compared to 2019.