WASHINGTON (AP) — US long-term mortgage rates edged lower this week, reaching record lows for the 14th time this year against the backdrop of the pandemic-ravaged economy.
Mortgage finance giant Freddie Mac said Thursday that the average rate on the 30-year fixed-rate home loan slipped from 2.72 percent to 2.71 percent. By contrast, the benchmark rate stood at 3.68 percent a year ago.
The average rate on 15-year fixed-rate loans declined from 2.28 percent to 2.26.
Home loan rates have trended downward through most of this year, bolstering demand from would-be home buyers or people looking to refinance existing mortgages. But as Freddie Mac noted, home sales have stalled as the lack of available homes for purchase continues to stifle house hunters.
Home prices have risen significantly in the past year as supply remains near historically low levels.