The rate on the 30-year mortgage fell to 2.88 percent, the lowest rate in 50 years (iStock)

The average mortgage rate on America’s most popular home loan has hit another record-setting low.

The rate on the 30-year mortgage fell to 2.88 percent, the lowest rate in 50 years, Bloomberg reported, citing Freddie Mac. Rates have dropped eight times during the pandemic. Last month, the rate fell below 3 percent for the first time, registering at 2.98 percent.

The lower rates are “giving potential buyers more purchasing power and strengthening demand,” said Sam Khater, chief economist at Freddie Mac.

The Federal Reserve has kept its benchmark rate at near zero since the start of the pandemic, in an effort to soften the effects of the

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