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!