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Average Rate On 30-Year Mortgage Hits Record Low

The average rate on a 30-year fixed mortgage has hit a record low, driven down by investors shifting money into the safety of U.S. Treasurys as the new coronavirus outbreak deepens.

The Federal Reserve made a surprise emergency cut in its benchmark interest rate to support the economy in the face of the spread of COVID-19.

Maine Association of Realtors President Tom Cole says mortgage rates are based on the 10 year Treasury Bond. He says 30 year mortgages at 3.25 percent are available, one of the best rates ever seen in Maine.

“The mortgage brokers that I work with, locally, have all indicated the same thing. They don't expect rates to go up. In fact they think that rates may go down a little bit.”

Cole says Maine is now seeing a lot more real estate activity, and that people who own properties are refinancing.

Ed is a Maine native who spent his early childhood in Livermore Falls before moving to Farmington. He graduated from Mount Blue High School in 1970 before going to the University of Maine at Orono where he received his BA in speech in 1974 with a broadcast concentration. It was during that time that he first became involved with public broadcasting. He served as an intern for what was then called MPBN TV and also did volunteer work for MPBN Radio.