The long-term US mortgage rate has fallen to a record low again
Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic.
WASHINGTON (AP) — The key 30-year mortgage rate fell to a new all-time low for the 12th time this year.
The background of economic anxiety in the recession set off by the pandemic, which has depressed home loan rates through the year, was amplified in the past week by uncertainty over the presidential election. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan declined from 2.81 percent last week to 2.78 percent. By contrast, the rate averaged 3.69 percent a year ago.
The average rate on the 15-year fixed-rate mortgage stayed at 2.32 percent.
The historically low borrowing rates have bolstered demand from prospective home buyers. Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic, but at the same time the rise in home prices has stretched the limits of affordability for many would-be buyers.
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