US average mortgage rates decline; 30-year at 2.99%

Business

A waterfront home is shown for sale, Thursday, Oct. 7, 2021, in Surfside, Fla. Average long-term mortgage rates declined this week, with the benchmark 30-year loan slipping back below 3%. (AP Photo/Wilfredo Lee)

WASHINGTON (AP) — Average long-term mortgage rates declined this week, with the benchmark 30-year loan slipping back below 3%.

Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage eased to 2.99% from 3.01% last week. The rate stood at 2.87% this time last year. It peaked this year at 3.18% in April.

The rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, fell to 2.23% from 2.28% last week.

The Federal Reserve recently signaled its belief that the economy has recovered sufficiently from the pandemic recession for it to soon begin dialing back the emergency aid it provided after the spread of coronavirus.

The number of Americans applying for unemployment benefits fell last week, another sign that the U.S. job market and economy continue their steady recovery from last year’s coronavirus recession. Jobless claims fellby 38,000, to 326,000, the first drop in four weeks, the Labor Department reported Thursday.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Trending Stories

Don't Miss