WASHINGTON – U.S. long-term mortgage rates dropped this week to a record low for the 16th time in 2020, reflecting an economy hard hit by the coronavirus pandemic.Mortgage giant Freddie Mac said Thursday that the average rate on the benchmark 30-year fixed-rate home loan slipped to a record low 2.66% from 2.67% last week.
A year ago, it stood at 3.74%The average rate on 15-year fixed-rate loans, popular among homeowners seeking to refinance their mortgages, dipped to 2.19% from 2.21%.
A year ago, it was 3.19%.The 5-year adjustable rate mortgage was unchanged this week at 2.79%. A year ago, it was at 3.45%.Helped by rock-bottom rates, the housing market has been a source of strength in an economy pounded by the coronavirus outbreak.