WASHINGTON – U.S. average rates on long-term mortgages fell this week amid signs that the halting economic recovery slowed over the summer.
The key 30-year mortgage again marked an all-time low.Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan declined to 2.86% from 2.93% last week.
By contrast, the rate averaged 3.56% a year ago.The average rate on the 15-year fixed-rate mortgage slipped to 2.37% from 2.42% last week.Housing demand continues as one of few bright spots in the pandemic-hobbled economy.
Spurred by historically low rates, applications for mortgage loans are up 25% from a year ago, according to Freddie Mac. It said the momentum will be difficult to sustain going into the fall because of.