US long-term mortgage rates slip — barely
The low borrowing rates have bolstered demand by home buyers, who have been constrained by the scarcity of available homes for sale.
WASHINGTON (AP) — US long-term mortgage rates changed little this week, flattening in recent weeks following a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. Home loan rates have remained at historically low levels.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan eased to 2.87 percent from 2.88 percent last week. By contrast, the rate averaged 3.57 percent a year ago.
The average rate on the 15-year fixed-rate mortgage ticked up to 2.37 percent from 2.36 percent.
The low borrowing rates have bolstered demand by prospective home buyers, who have been constrained by the scarcity of available homes for sale.
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