September 19, 2021

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Mortgage News

US long-term mortgage rates edge higher; 30-year at 3.09%

WASHINGTON (AP) – US long-term mortgage rates continued to rise this week as the 30-year reference loan stayed above the 3% mark. However, interest rates remain near historic lows.

Mortgage buyer Freddie Mac reported Thursday that the average interest rate on the 30-year fixed-rate home loan rose from 3.05% last week to 3.09%. In contrast, the reference interest rate a year ago was 3.65%.

The average 15-year fixed rate loan rate, popular with those looking to refinance their mortgages, rose to 2.40% from 2.38% last week.

The prospect of massive pandemic aid following the recent adoption of the nearly $ 2 trillion aid package by Congress has helped add to uncertainty about the economic recovery and likely raise mortgage rates.

The government reported Thursday that the number of Americans seeking unemployment benefits rose to 770,000 in the past week. This is a sign that layoffs remain high even as much of the economy is steadily recovering from the coronavirus recession.

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