US long-term mortgage rates edge lower; 30-year at 2.71%
U.S. long-term mortgage rates edged lower this week, reaching record lows for the 14th time this year against the backdrop of the pandemic-ravaged economy
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.U.S. long-term mortgage rates edged lower this week, reaching record lows for the 14th time this year against the backdrop of the pandemic-ravaged economy
Mortgage finance giant Freddie Mac said Thursday the average rate on the 30-year fixed-rate home loan slipped to 2.71% from 2.72% last week. By contrast, the benchmark rate stood at 3.68% a year ago.
The average rate on 15-year fixed-rate loans declined to 2.26% from 2.28%.
Home loan rates have trended downward through most of this year, bolstering demand from would-be homebuyers or people looking to refinance existing mortgages. But as Freddie Mac noted, home sales have stalled as the lack of available homes for purchase continues to stifle house hunters.
Home prices have risen significantly in the past year as supply remains near historically low levels.
In the latest sign that the economy and job market remain under stress from the resurgent viral outbreak, the government reported Thursday that the number of Americans applying for unemployment benefits fell last week to a still-high 712,000.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.