clearn.png
Saturday May 15th, 2021 12:44AM

US long-term mortgage rates fall; 30-year at 2.86%

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — U.S. 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% from 2.93% last week. By contrast, the rate averaged 3.56% a year ago.

The average rate on the 15-year fixed-rate mortgage slipped to 2.37% from 2.42% 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% 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.

In the wider economy, the government reported Thursday that the number of Americans applying for unemployment benefits was unchanged last week at 884,000— a sign that layoffs remain stuck at a historically high level six months after the pandemic flattened the economy. Hiring has slowed since June, and a rising number of laid-off workers now say they regard their job loss as permanent.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy, AP Business - Personal Finance, AP Business - Real Estate
© Copyright 2021 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
'Avengers' and 'Game of Thrones' star Diana Rigg dies at 82
British actress Diana Rigg, who became a 1960s style icon as secret agent Emma Peel in TV series “The Avengers,” has died
11:36AM ( 17 minutes ago )
US long-term mortgage rates fall; 30-year at 2.86%
U.S. average rates on long-term mortgages fell this week amid signs that the halting economic recovery slowed over the summer
11:36AM ( 17 minutes ago )
California fire that killed 3 threatens thousands of homes
A Northern California wildfire is threatening thousands of homes after winds whipped it into a monster that incinerated houses in a small mountain community and killed at least three people
11:35AM ( 18 minutes ago )
Associated Press (AP)
GOP's slimmed-down virus bill expected to fail in Senate
A scaled-back GOP coronavirus rescue package appears certain to fail in a Senate test vote
11:01AM ( 52 minutes ago )
Little left of Greece's Moria refugee camp after 2nd fire
Little remains of Greece’s notoriously overcrowded Moria refugee camp, after a second fire overnight destroyed nearly everything that had been spared in the original Tuesday night blaze, leaving thousands more people in need of emergency housing
10:43AM ( 1 hour ago )
The Latest: UN leader appeals for $35B for WHO initiatives
The Secretary-General of the United Nations appealed to donor countries and others to pitch in $35 billion for a World Health Organization-led initiative that aims to speed the research and development of tests, treatments and vaccines for the coronavirus
10:41AM ( 1 hour ago )
AP Business
US layoffs remain elevated as 884,000 seek jobless aid
The number of Americans applying for unemployment benefits was unchanged last week at 884,000, a sign that layoffs remain stuck at a historically high level six months after the viral pandemic flattened the economy
9:23AM ( 2 hours ago )
Dueling over diamonds: LVMH says Tiffany not worth buyout
It’s an ugly spat for such a glamorous industry
9:11AM ( 2 hours ago )
The Latest: India vaccine clinical trials halted for safety
Clinical trials for AstraZeneca’s coronavirus vaccine candidate have been halted in India, according to the Serum Institute of India
8:42AM ( 3 hours ago )
AP Business - Economy
Stalled by pandemic, migrants press in quest for better life
Hundreds of thousands, perhaps millions, of migrants are stranded around the world because of border closures aimed at curbing the spread of the coronavirus
10:09AM ( 3 days ago )
King, Original 9 mark 50 years of women's pro tennis tour
Billie Jean King and eight other women risked their tennis careers 50 years ago when they signed $1 contracts to launch a new women's tour
7:51PM ( 3 days ago )
Child care crisis pushes US mothers out of the labor force
Research is increasingly pointing to a retreat of working mothers from the U.S. labor force, as the pandemic leaves parents with few child care options and the added burden of navigating distance learning
9:15AM ( 5 days ago )
AP Business - Personal Finance
More Americans sign contracts to buy homes in July
More Americans signed contracts to buy homes in July, a sign that the hot housing market should continue into the fall season
10:00AM ( 2 weeks ago )
AP-NORC poll: Many in US shoring up finances amid downturn
A new poll from The Associated Press-NORC Center for Public Affairs Research finds 45% of Americans say they are setting aside more money than usual during the coronavirus pandemic
10:57AM ( 2 weeks ago )
July sales of new homes surge 13.9%, far more than thought
Sales of new homes jumped again in July, rising 13.9% as the housing market continues to gain traction following a spring downturn caused by pandemic-related lockdowns
10:31AM ( 2 weeks ago )
AP Business - Real Estate
'Avengers' and 'Game of Thrones' star Diana Rigg dies at 82
British actress Diana Rigg, who became a 1960s style icon as secret agent Emma Peel in TV series “The Avengers,” has died
11:36AM ( 18 minutes ago )
California fire that killed 3 threatens thousands of homes
A Northern California wildfire is threatening thousands of homes after winds whipped it into a monster that incinerated houses in a small mountain community and killed at least three people
11:35AM ( 20 minutes ago )
In a year of social distancing, virus alters Sept. 11, too
The coronavirus pandemic has reshaped how the U.S. is observing the anniversary of 9/11
11:31AM ( 23 minutes ago )
Bargain chain Century 21 to shut down after nearly 60 years
Century 21 Stores _ a destination for bargain hunters looking for fat deals on designer dresses and shoes for nearly 60 years _ has filed for Chapter 11 bankruptcy and is winding down its business, including all 13 stores across New York, New Jersey, Pennsylvania and Florida
11:22AM ( 33 minutes ago )
Fires without precedent rage in usually cool, wet Northwest
Numerous wildfires burned in Oregon’s forested valleys and along the coast, destroying hundreds of homes and causing mass evacuations
11:21AM ( 33 minutes ago )