US average mortgage rates under 3% for first time since Feb.
Mortgage rates fell for the third straight week, dipping below 3% for the first time in two months
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Mortgage rates fell for the third straight week, dipping below 3% for the first time in two months.
Mortgage buyer Freddie Mac reported Thursday that the benchmark 30-year home-loan rate declined to 2.97% this week from 3.04% last week. At this time last year, the long-term rate was 3.33%.
The rate for a 15-year loan, popular among those looking to refinance, dipped to 2.29% from 2.35% the week before.
Experts have expected home-loan rates to increase modestly in the short term, while remaining at low levels in light of the Federal Reserve’s goal of keeping its principal borrowing rate near zero until the economy recovers from the pandemic.
Even with historically low rates, buyers are having a hard time snatching up homes because there are so few for sale.
Another report Thursday from the National Association of Realtors showed that sales of existing home sales fell for the second straight month in March because there are so few on the market. The coronavirus pandemic has fueled demand for single-family homes as people look for more space.
On the bright side, the Labor Department reported Thursday that the number of Americans applying for unemployment aid fell last week to 547,000, the lowest point since the pandemic struck and an encouraging sign that layoffs are slowing on the strength of an improving job market.