US mortgage rates fall to historic low
WASHINGTON — Long-term U.S. mortgage rates fell this week as the benchmark 30-year home loan reached an all-time low.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the key 30-year loan declined to 3.13% from 3.21% last week.
It was the lowest level since Freddie began tracking average rates in 1971. A year ago, the rate stood at 3.84%.
The average rate on the 15-year fixedrate mortgage eased to 2.58% from 2.62%.
Amid the coronavirus pandemic, the housing market has shown strength and robust homebuying demand, but it may be difficult to sustain because of the tight supply of homes available for sale, Freddie Mac chief economist Sam Khater said.