Mortgage Rates

US common mortgage charges decline; 30-year at 2.98%

Updated 1 hour ago

WASHINGTON (AP) – Mortgage rates have fallen this week, with key 30-year credit slipping back below 3% as the economic recovery from the pandemic recession remains robust.

Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year home loan fell from 3.02% last week to 2.98%. In contrast, the rate a year ago was 3.07%.

The interest rate on a 15 year loan, a popular option for homeowners to refinance their mortgages, fell from 2.34% last week to 2.26%. Mortgage rates are widely expected to rise gradually in the second half of the year, which began Thursday.

The government reported that last week the number of Americans applying for unemployment benefits fell again to its lowest level since the pandemic broke out last year, further evidence that the labor market and economy as a whole is rapidly moving away from the coronavirus Recover from recession. Unemployment claims fell by 51,000 to 364,000.