30 Yr Home Mortgages Fall to 2.99%, a 50 yr Low

30 Yr Home Mortgages Fall to 2.99%, a 50 yr Low

#home #mortages #rates #economy

US average rates on long-term mortgages declined this week, remaining near historic lows as the Key 30-yr loan dipped back below 3%.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-yr home loan eased to 2.99% from 3.01% last week.

The benchmark rate has not fallen below the 3% mark for 50 yrs. By contrast, the rate averaged 3.75% a yr ago.

The average rate on the 15-yr fixed-rate mortgage fell to 2.51% from 2.54% last week.

Homebuying demand continues as a bright spots in the economy.

The government reported Thursday that the economy shrank at an alarming 32.8% annual rate in Q-2, when the C-19 coronavirus chaos shut down businesses and threw tens of millions out of work. It was the steepest drop in the GDP in records dating to Y 1947.

Have a healthy day, Keep the Faith!

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Paul Ebeling

Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he it the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.