Industry News

US long-term mortgage rates edge lower

US long-term mortgage rates edge lower; 30-year at 2.71%

Tom Oslund

WASHINGTON (AP) — U.S. long-term mortgage rates edged lower this week, reaching record lows for the 14th time this year against the backdrop of the pandemic-ravaged economy.

Mortgage finance giant Freddie Mac said Thursday the average rate on the 30-year fixed-rate home loan slipped to 2.71% from 2.72% last week. By contrast, the benchmark rate stood at 3.68% a year ago.

The...

Mortgage rates hang near record lows and offer more dirt-cheap deals

Mortgage rates hang near record lows and offer more dirt-cheap deals

Tom Oslund
Mortgage rates set another record low, sparking new strength in refinances

Mortgage rates set another record low, sparking new strength in refinances

Tom Oslund

Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were not quite as motivated. 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 slipped to 3.01% from 3.05%, while points decreased to 0.37...

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