WASHINGTON (AP) — US average rates on long-term mortgages fell this week amid signs that the halting economic recovery slowed over the summer. The key 30-year mortgage again marked an all-time low.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan declined to 2.86 percent from 2.93 percent last week. By contrast, the rate averaged 3.56 percent a year ago.
The average rate on the 15-year fixed-rate mortgage slipped to 2.37 percent from 2.42 percent last week.
Housing demand continues as one of few bright spots in the pandemic-hobbled economy. Spurred by historically low rates, applications for mortgage loans are up 25 percent from a year ago, according to Freddie Mac. It said the momentum will be difficult to sustain going into the fall because of the lack of available homes for sale.