U.S. long-term mortgage rates hit new low

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  • U.S. Mortgage
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WASHINGTON (AP) – U.S. long-term mortgage rates slipped this week as the key 30-year loan marked a new all-time low for the 11th time this year.

Home loan rates have notched a year-long decline amid economic anxiety in the recession set off by the coronavirus pandemic. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan edged down to 2.80% from 2.81% last week. By contrast, the rate averaged 3.75% a year ago.

The average rate on the 15- year fixed-rate mortgage declined to 2.33% from 2.35%.