25.8 C
Houston
Friday, February 26, 2021

US long-term mortgage rates slip; 30-year loan at 2.77%

WASHINGTON (AP) – U.S. long-term mortgage rates slipped this week while remaining at record-low levels.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.77% from 2.79% last week. By contrast, the rate stood at 3.60% a year ago.

The average rate on 15-year fixed-rate loans, popular among homeowners seeking to refinance their mortgages, declined to 2.21% from 2.23%.

The damage from the coronavirus pandemic on the U.S. and global economies suppressed home loan rates through most of last year.

- Advertisement -

Long-term bond yields, which can influence interest rates on mortgages and other consumer loans, have climbed recently amid expectations of higher U.S. government spending on pandemic relief and an economic recovery as more people get vaccinated for COVID-19.

Economists forecast modest increases in mortgage rates this year. But they likely will remain relatively low as the Federal Reserve keeps interest rates near zero as needed until the economy recovers, Freddie Mac chief economist Sam Khater said Thursday.

While the rise in mortgage rates is unlikely to derail the bustling housing market, it could make it tougher for would-be homebuyers.

Copyright © 2021 The Washington Times, LLC.

Washingtontimes

Latest news

“They Didn’t Do Their Jobs”

American commentator Deroy Murdock spoke this morning at CPAC Orlando on election fraud. Murdock spoke about election fraud, how it happens and the best ways...

Watch Live: Breitbart’s Matt Boyle Moderates Law Enforcement Panel at CPAC

Matthew Perdie / Breitbart News and Image Thumbnail: Ashley Oliver / Breitbart News Breitbart News’ Washington Political Editor Matthew Boyle will moderate a panel Friday...

New York Times SJW insiders in UPROAR over poll asking about ‘appropriate’ use of N-word

The radicals at the New York Times were recently triggered by a poll posted on the Times’ private Facebook page over the appropriate use...

Why Are There Still Military Troops And Fences In DC?

On this episode of “The Federalist Radio Hour,” Senior Editor Chris Bedford and Culture Editor Emily Jashinsky discuss why troops and fences still plague...

Related news