Arrow-right Camera
Go to e-Edition Sign up for newsletters Customer service
Subscribe now

COVID-19

News >  Business

U.S. long-term mortgage rates hit new low; 30-year at 2.80%

UPDATED: Fri., Oct. 23, 2020

A for sale sign stands in front of a house, Tuesday, Oct. 6, 2020, in Westwood, Mass. Even with mortgage rates hovering near all-time lows, rising home prices are putting more pressure on buyers to come up with a bigger down payment. Increasing home prices requiring larger down payments for purchase are stretching the limits of affordability for many Americans.  (Associated Press)
A for sale sign stands in front of a house, Tuesday, Oct. 6, 2020, in Westwood, Mass. Even with mortgage rates hovering near all-time lows, rising home prices are putting more pressure on buyers to come up with a bigger down payment. Increasing home prices requiring larger down payments for purchase are stretching the limits of affordability for many Americans. (Associated Press)
Associated Press

WASHINGTON — U.S. long-term mortgage rates slipped this week as the key 30-year loan marked a new all-time low for the 11th time this year.

Home loan rates have notched a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan edged down to 2.80% from 2.81% last week. By contrast, the rate averaged 3.75% a year ago.

The average rate on the 15-year fixed-rate mortgage declined to 2.33% from 2.35%.

The low borrowing rates have bolstered demand from prospective homebuyers. Real estate database Zillow noted that home sales have continued an impressive run into September, as buyers have “stayed their course” despite the ongoing pandemic and the persistent shortage of available homes for sale.

Existing home sales last month rose at the fastest annual rate since 2010.

In a sign that job losses may have eased slightly but are still at historically high levels, the government reported Thursday that the number of laid-off Americans seeking unemployment benefits fell last week to 787,000.

The Spokesman-Review Newspaper

Local journalism is essential.

Give directly to The Spokesman-Review's Northwest Passages community forums series -- which helps to offset the costs of several reporter and editor positions at the newspaper -- by using the easy options below. Gifts processed in this system are not tax deductible, but are predominately used to help meet the local financial requirements needed to receive national matching-grant funds.

Subscribe to the Coronavirus newsletter

Get the day’s latest Coronavirus news delivered to your inbox by subscribing to our newsletter.


Annual health and dental insurance enrollment period open now

 (Courtesy Washington Healthplanfinder)
Sponsored

2020 has been a stressful year for myriad reasons.