Long-term U.S. mortgage rates eased this week in a housing market battered by the shutdown spurred by the coronavirus pandemic. Rates hovered near all-time lows as the benchmark 30-year home loan stayed below 3.30% for the fourth straight week.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year loan declined to 3.24% from 3.28% last week. A year ago, the rate stood at 4.06%.
The average rate on the 15-year fixed-rate mortgage slipped to 2.70% from 2.72% last week.
Sales of existing homes plunged 17.8% in April to a 4.33 million rate, the slowest pace since 2011, the National Association of Realtors reported Thursday. The normally busy spring homebuying season has been upended. At the same time, however, home prices have been rising.
info provided by NAR
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