pcloudyn.png
Monday August 2nd, 2021 9:12PM

US average mortgage rates rise; 30-year loan at 3%

By The Associated Press
Related Articles
  Contact Editor

WASHINGTON (AP) — Mortgage rates rose this week, pushing the benchmark 30-year home loan to the 3% mark for the first time since mid-April. Signs continued of the economy’s recovery from the pandemic recession and a burst of inflation rattled stock markets.

Mortgage buyer Freddie Mac reported Thursday that the average for the benchmark 30-year home-loan rate increased to 3% from 2.94% last week. At this time last year, the long-term rate was 3.24%.

The rate for a 15-year loan, popular among those seeking to refinance, rose to 2.29% from 2.26% from last week.

The government reported last week that a worrisome bout of inflation struck in April, with consumer prices for goods and services surging 0.8% — the largest monthly jump in more than a decade — and the year-over-year increase reaching its fastest rate since 2008. The report showed sharply higher prices for everything from food and clothes to housing.

The acceleration in prices, which has been building for months, has unsettled financial markets and raised concerns that it could weaken the economic recovery.

The spike in inflation caused stock markets to tumble this week because investors worry that higher prices will force the Federal Reserve to prematurely cut back on its efforts to stimulate growth. The Fed has set as its goal keeping its key interest rate near zero until the economy recovers from the pandemic.

The latest positive news came in a government report Thursday that the number of Americans seeking unemployment aid fell last week to 444,000, a new pandemic low and a sign that the job market keeps strengthening as consumers spend freely again, viral infections drop and business restrictions ease. The decline in filings for jobless aid was the fifth in the past six weeks.

  • 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 This material may not be published, broadcast, rewritten, or redistributed without permission.
Mayor's husband pleads not guilty to drug, weapons counts
The husband of Rochester Mayor Lovely Warren has pleaded not guilty to criminal drug and weapons charges, a day after a police search of the house he shares with the mayor
12:25PM ( 9 minutes ago )
House approves $1.9B to bolster Capitol security after riot
The House has narrowly approved $1.9 billion to bolster security at the Capitol after the Jan. 6 insurrection
12:20PM ( 13 minutes ago )
EXPLAINER: What's the status of voting legislation in Texas?
Texas remains on course to become the nation’s largest state to tighten restrictions on voting with GOP legislation just steps away from the Republican governor’s desk
12:19PM ( 14 minutes ago )
Associated Press (AP)
US jobless claims fall again as some states end federal aid
 The number of Americans seeking unemployment aid fell last week to 444,000, a new pandemic low and a sign that the job market keeps strengthening as consumers spend freely again, viral infections drop and business restrictions ease
11:38AM ( 56 minutes ago )
Talking to the moon: Europe pitches lunar satellites plan
The European Space Agency has presented a vision to put satellites in orbit around the moon that would facilitate future missions to Earth’s closest neighbor
11:38AM ( 56 minutes ago )
Nervous workers struggle to adjust to new mask policies
An abrupt relaxation of mask policies at some retail and grocery stores has left workers reeling as they try to sort out what the new environment means for their own safety and relationship with customers
11:34AM ( 59 minutes ago )
AP Business
Stocks open higher on Wall Street after 3 days of losses
Stocks are opening modestly higher on Wall Street, putting the market on track to break a three-day losing streak
9:47AM ( 2 hours ago )
US jobless claims decline to 444,000, a new pandemic low
The number of Americans seeking unemployment aid fell last week to 444,000, a new pandemic low and a sign that the job market keeps strengthening as consumers spend freely again, viral infections drop and business restrictions ease
8:43AM ( 3 hours ago )
EU ministers seek to cement trade ties with Biden team
European Union and U.S. top trade officials have a virtual meeting to cement recent advances in settling some key differences that have soured trans-Atlantic relations over the past years
6:30AM ( 6 hours ago )
AP Business - Economy
Medicare for 60-year-olds not guaranteed to be a better deal
President Joe Biden and progressive Democrats have proposed to lower Medicare’s eligibility age to 60, to help older adults get affordable coverage
2:03PM ( 22 hours ago )
How to ease out of mortgage forbearance, avoid foreclosure
American homeowners were given greater opportunity to hit pause on their mortgage payments because of the the pandemic, but that relief is slowly coming to an end
8:16AM ( 1 day ago )
Vote? Not yet. Invest? Yes. Fidelity launches teen accounts
Fidelity is launching a new type of account for teenagers to save, spend and invest their money
10:29AM ( 2 days ago )
AP Business - Personal Finance
New year, same results; 1Q sales roar at Home Depot
Home Depot continues to fill the needs of the surging housing market during the pandemic, with fiscal first-quarter sales soaring and blowing past Wall Street’s expectations
8:01AM ( 2 days ago )
New year, same results; Home Depot sales boom in 1Q
Home Depot continues to fill the needs of the surging housing market during the pandemic, with fiscal first-quarter sales soaring and blowing past Wall Street’s expectations
7:40AM ( 2 days ago )
US mortgage rates fall for 4th week; 30-year dips to 2.94%
Mortgage rates declined this week, marking their fourth consecutive week below 3%
5:41PM ( 6 days ago )
AP Business - Real Estate
US ends use of 2 immigration jails accused of mistreatment
The Biden administration will stop using immigration detention facilities in Massachusetts and Georgia that are the subject of abuse allegations
12:32PM ( 2 minutes ago )
Mayor's husband pleads not guilty to drug, weapons counts
The husband of Rochester Mayor Lovely Warren has pleaded not guilty to criminal drug and weapons charges, a day after a police search of the house he shares with the mayor
12:25PM ( 9 minutes ago )
House approves $1.9B to bolster Capitol security after riot
The House has narrowly approved $1.9 billion to bolster security at the Capitol after the Jan. 6 insurrection
12:20PM ( 14 minutes ago )
Report: BBC reporter used deceit to get 1995 Diana interview
An investigation has found that a BBC journalist used “deceitful behavior” to secure an explosive interview with Princess Diana in 1995, in a “serious breach” of the broadcaster’s guidelines
12:13PM ( 21 minutes ago )
An ailing Sahrawi leader shakes Spain and Morocco's alliance
The leader of an Algeria-backed movement fighting for the independence of Africa's Western Sahara was quietly admitted to a hospital in Spain last month
12:11PM ( 23 minutes ago )