Long-term mortgage rates back under 3%

WASHINGTON — U.S. average rates on long-term mortgages declined this week, remaining near historic lows as the key 30-year loan slipped back below 3%.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan eased to 2.99% from 3.01% last week.

The average rate on the 15-year fixedrate mortgage fell to 2.51% from 2.54% last week.

Homebuying demand continues as one of few bright spots in the economy, with the recovery stagnating and economic indicators pointing to slow growth and possible persistent high unemployment because of the coronavirus pandemic, Freddie Mac said.