US Long-Term Mortgage Rates Hit New Lows; 30 years at 2.65%


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A home is seen for sale on Tuesday, December 8, 2020, in Orlando, Florida. Long-term US mortgage rates declined this week to new all-time lows for the first week of 2021. The year begins against the continuing backdrop of damage caused by the coronavirus pandemic in US economies. The US and the world, which lowered home loan rates for most of 2020 (AP Photo / John Raoux)

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WASHINGTON (AP) – Long-term mortgage rates in the United States fell this week to new all-time lows during the first week of 2021.

The year begins against the continuing backdrop of damage from the coronavirus pandemic to the economies of the US and the world, which reduced mortgage loan rates for most of 2020.

Homebuyer Freddie Mac reported Thursday that the benchmark 30-year fixed-rate home loan median rate fell to 2.65% from 2.67% last week. In contrast, the rate stood at 3.64% a year ago.

The average rate on 15-year fixed-rate loans, popular with homeowners looking to refinance their mortgages, dropped to 2.16% from 2.17%.

Mortgage rates are expected to rise modestly this year as economic factors change, according to Sam Khater, chief economist at Freddie Mac. Historically low loan rates have helped push buyers into the housing market, but the Lack of available homes has left many potential home buyers empty-handed. The lack of supply has pushed prices up even before the pandemic struck last March.

A continued rise in home prices could intensify pressure on potential buyers during the spring home buying season, says Khater.


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