(CNN) -- Mortgage rates fell below 3% for the first time ever as the economy continues to struggle from the effects of the coronavirus pandemic.
The average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week, according to Freddie Mac. That's the lowest level in the nearly 50 years of the mortgage giant's survey. The 15-year fixed-rate mortgage dropped to 2.48%.
The average rate for a 30-year-fixed mortgage dropped below last week's record low of 3.03% and marks the seventh new low since March.
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