U.S. 30-YEAR MORTGAGE RATES CLIMB TO 3.65%

WASHINGTON» U.S. long-term mortgage rates climbed this week in a whip-sawing market amid deepening anxiety over devastation to the economy from the coronavirus pandemic.

Home loan rates had hit all-time lows two weeks ago. Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year loan jumped to 3.65% this week from 3.36% last week.

Freddie Mac said the short-term rise was due to mortgage lenders increasing prices to deal with booming demand for refinancing into loans at historically low rates.

The average rate on the 15-year fixed-rate mortgage rose to 3.06% from 2.77%.

Survey suggests virus outbreak will slow the economy in Plains, West. » Bankers in rural

OMAHA parts of 10 Plains and Western states expect the economy to slow down over the next few months as the nation deals with the coronavirus outbreak, according to a new survey released Thursday.

The overall index for the region fell to 35.5 in March from February’s healthy 51.6 reading.

Any score below 50 suggests a shrinking economy, while a score above 50 suggests a growing economy, organizers say.

Creighton University economist Ernie Goss said 61% of the bankers surveyed expect the measures being taken to fight the coronavirus to lead to a recession. State officials are limiting the size of public gatherings to slow the spread of the disease, prompting some businesses to close, and many restaurants have been forced to close their dining rooms and only handle takeout or delivery orders.

The survey’s confidence index, which measures how bankers feel about the economy over the next six months, fell to 28.3 in March from February’s 58.1.

The borrowing index rose to 66.1 in March from February’s 50 as more farmers took out loans.

Fed establishes currency swaps with nine central banks. WASHINGTON» The Federal Reserve has set up a program to exchange dollars for foreign currency with nine central banks to support dollar lending in global markets that are under pressure from the impact of the viral outbreak.

The move, announced Thursday, enables foreign banks to provide dollars to their banks that sometimes lend and trade in US currency.

It is the latest effort by the Fed to smooth the functioning of financial markets, as investors, banks, and companies rush to stockpile cash amid plunging stock markets and a sharply slowing economy.

Late Wednesday, the Fed also reactivated its third lending facility dating from the financial crisis intended to provide more cash to banks in the form of short-term loans.

The currency swaps established Thursday are capped at $60 billion for six central banks in Australia, Brazil, Mexico, Singapore, Korea and Sweden.

The exchange lines are capped at $30 billion for central banks in Denmark, Norway and New Zealand. Under the swaps, the Fed provides dollars for an equal amount of foreign currency, which it can also use in short-term lending to banks if needed.

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