30-year mortgage rate at historic low

WASHINGTON — U.S. long-term mortgage rates fell this week as the key 30-year loan reached a new all-time low for the 10th time this year.

Home loan rates have marked a yearlong 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 mortgage fell to 2.81% from 2.87% last week. The average rate on the 15-year fixed-rate mortgage declined to 2.35% from 2.37%.

The low borrowing rates have bolstered demand by prospective homebuyers. But the demand has been constrained by economic hardship brought by the pandemic.