U.S. long-term mortgage rates declined this week to file low ranges for the 15th time this yr in opposition to the backdrop of an economic system ravaged by the pandemic.
Mortgage finance big Freddie Mac mentioned on December 17 that the typical charge on the 30-year fixed-rate residence mortgage fell to 2.67% from 2.71% final week. A yr in the past, the benchmark charge stood at 3.73%.
The common charge on 15-year fixed-rate loans eased to 2.21% from 2.26%.
The housing market continues as a uncommon shiny spot within the stalled U.S. economic system, as home-loan rates have trended downward by most of this yr.
That has bolstered demand from would-be homebuyers or individuals trying to refinance current mortgages.
Home gross sales have stalled, nevertheless, as the dearth of obtainable properties for buy continues to stifle home hunters.