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US mortgage rates fall in the fourth week. Drops to 2.94% in 30 years

Washington – Mortgage rates have fallen this week, falling below 3% for the fourth straight week, further demonstrating the strength of the economic recovery from the pandemic recession.

Mortgage buyer Freddie Mac reported Thursday that the benchmark 30-year mortgage rate average fell from 2.96% last week to 2.94%. At this time last year, long-term interest rates were 3.28%.

Interest rates on 15-year loans, which are popular with refinancing enthusiasts, have fallen from 2.30% last week to 2.26%.

Experts expect mortgage rates to rise moderately in the short term, in light of the Federal Reserve’s goal of keeping key interest rates near zero until the economy recovers from a pandemic.

Federal Reserve Board Chair Jerome Powell recently revealed that the central bank is not even on the verge of pulling back its ultra-low interest rate policy. This is because inflation is showing signs of recovery, despite the rapid strengthening of the economy, and the country is heading in the direction of defeating the viral pandemic.

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Soaring prices, which have risen over the months, have raised concerns that they could destabilize financial markets and undermine economic recovery. The government has experienced anxious inflation this week, with consumer prices on goods and services soaring 0.8%, the largest monthly rise in more than a decade, and the fastest year-on-year rise since 2008. I reported that I reached it. ..

According to a report from the Ministry of Labor, prices of everything from food and clothing to housing have risen significantly. A 10% surge in used car and truck prices, a record surge, accounted for about one-third of last month’s overall rise.

The latest bright news is Thursday’s government report, which shows a new low pandemic that the number of Americans seeking unemployment help fell to 473,000 last week, as consumers spend more and more businesses reopen. There is up-to-date evidence that few employers are reducing employment. This fourth decline in the last five weeks is consistent with a number of states led by the Governor of the Republican Party, who have blamed unemployment benefits for the slowdown in employment and are acting to block additional aid.

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US mortgage rates fall in the fourth week. Drops to 2.94% in 30 years

Source link US mortgage rates fall in the fourth week. Drops to 2.94% in 30 years

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