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US long-term mortgage rates change little; 30-year at 2.87%
U.S. average rates on long-term mortgages changed little this week, continuing to hover at historically low levelsSeptember 17, 2020, 5:40 PM• 1 min readWASHINGTON — U.S. average rates on long-term mortgages changed little this week as they hover at historically low levels.Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home…
U.S. average rates on long-term mortgages changed little this week, continuing to hover at historically low levels
September 17, 2020, 5:40 PM
1 min read
WASHINGTON — U.S. average rates on long-term mortgages changed little this week as they hover at historically low levels.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan edged up to 2.87% from 2.86% last week. By contrast, the rate averaged 3.73% a year ago.
The average rate on the 15-year fixed-rate mortgage slipped to 2.35% from 2.37% from last week.
Housing demand continues as one of few bright spots in the pandemic-hobbled economy. Spurred by the low loan rates, first-time home purchases jumped 19% in August from July, to the highest monthly level ever tracked, according to Freddie Mac. Still, the lack of available homes for sale is a constraint.
In the wider economy, the government reported Thursday that the number of Americans applying for unemployment benefits fell last week to 860,000, a historically high number of people that points up the broad economic damage still occurring nine months after the first case of COVID-19 was detected in the US.
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