×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: mortgage | rates | home | loans | housing

Long-Term Mortgage Rates Rise as 30-Year Hits 2.84 Percent

Long-Term Mortgage Rates Rise as 30-Year Hits 2.84 Percent
(Andrii-Yalanskyi/Dreamstime)

Friday, 13 November 2020 03:27 PM

U.S. long-term mortgage rates rose this week. They remain at historically low levels, now around a percentage point below a year ago.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan increased to 2.84% from 2.78% from last week. By contrast, the rate averaged 3.75% a year ago.

The average rate on the 15-year fixed-rate mortgage edged up to 2.34% from 2.32%.

Breaking their downward trend through most of this year, mortgage rates were bolstered by the news Monday that a COVID-19 vaccine may be 90% effective, based on early and incomplete test results.

The vaccine announcement came two days after Joe Biden became president-elect upon defeating President Donald Trump by crossing the winning threshold of 270 Electoral College votes with a win in Pennsylvania.

The historically low borrowing rates have bolstered demand from prospective homebuyers. Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic, but at the same time the rise in home prices has stretched the limits of affordability for many would-be buyers.

The government reported Thursday that the number of Americans seeking unemployment benefits fell last week to 709,000, a still-high level but the lowest figure since March and a further sign that the job market might be slowly healing.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


Personal-Finance
U.S. long-term mortgage rates rose this week. They remain at historically low levels, now around a percentage point below a year ago.
mortgage, rates, home, loans, housing
218
2020-27-13
Friday, 13 November 2020 03:27 PM
Newsmax Media, Inc.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved