The average long-term mortgage rate has risen for the second week (Aug. 20)
The mortgage rate averaged 3.55 percent a year ago. Search the latest property listings to buy or rent at realestate.boston.com.
WASHINGTON (AP) — US average rates on long-term mortgages rose this week though they remain at historically low levels. The key 30-year loan nudged toward 3 percent.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan increased to 2.99 percent from 2.96 percent last week. By contrast, the rate averaged 3.55 percent a year ago.
The average rate on the 15-year fixed-rate mortgage rose to 2.54 percent from 2.46 percent from last week.
Home-buying demand continues as one of few bright spots in the pandemic-struck economy, especially for prospective buyers considering a first-time purchase. The government reported Tuesday that construction of new homes surged 22.6 percent in July as home builders bounced back from a lull induced by the coronavirus pandemic.
Housing starts have now risen three straight months after plunging in March and April as the virus outbreak paralyzed the US economy. Last month’s pace of construction was 23.4 percent above that in July 2019. The big gains came from the construction of apartments and condominiums, which soared 56.7 percent. But single-family home construction ticked up, too, by 8.2 percent.
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