BALTIMORE (AP) — Long-term mortgage rates increased slightly as the US economy showed signs that the worst of the coronavirus-fueled recession may have passed.
The average interest charged on a 30-year mortgage was 3.18 percent this week, up from 3.15 percent a week ago, according to a report Thursday by mortgage buyer Freddie Mac. That average is down from 3.82 percent a year ago.
The economic collapse following the COVID-19 outbreak has corresponded with a decline in mortgage rates, but there are signs that the economy may have already bottomed, as government data show that applications for jobless aid — though still historically high — are steadily falling.
The average 15-year mortgage rate was unchanged from last week at 2.62 percent. This average has fallen from 3.28 percent a year ago.