US long-term mortgage rates up slightly; 30-year at 2.88%
Average long-term mortgage rates rose slightly this week continuing a months-long trend of little movement
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.Average long-term mortgage rates rose slightly this week continuing a months-long trend of little movement. They remained under 3%.
Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage edged up to 2.88% from 2.86% last week. That’s very close to where the benchmark rate stood at this time last year, 2.90%. It peaked this year at 3.18% in April.
The rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, increased to 2.15% from 2.12% last week.
Amid anxiety that the highly contagious delta variant could cause the economic recovery from the pandemic to stall, the Federal Reserve on Wednesday signaled its belief that the economy has recovered sufficiently from the recession for it to soon begin dialing back the emergency aid it provided after the virus erupted. Fed Chairman Jerome Powell indicated that the central bank plans to announce as early as November that it will start withdrawing the extraordinary support it unleashed 18 months ago.