WASHINGTON (AP) – Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week. It was the lowest level since Freddie started tracking rates in 1971. A year ago, the rate stood at 3.99%.
The average rate on the 15-year fixed-rate mortgage declined to 2.62% from 2.70% last week.
Spurred by the fall in borrowing rates, demand for home purchases by prospective buyers has rebounded from a decline of 35% in mid-April to an 8% increase as of last week, Freddie economists noted.
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