US average mortgage rates tick lower; 30-year loan at 2.96%

Posted 6/10/21

Mortgage rates remained near historic lows this week. The benchmark 30-year home loan held below the 3% mark amid further signs of the economy’s recovery from the pandemic recession.

Mortgage …

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US average mortgage rates tick lower; 30-year loan at 2.96%

Posted

Mortgage rates remained near historic lows this week. The benchmark 30-year home loan held below the 3% mark amid further signs of the economy’s recovery from the pandemic recession.

Mortgage buyer Freddie Mac said Thursday the average for the 30-year rate loan dipped to 2.96% from 2.99% last week.

The rate for a 15-year loan, which is a popular option among homeowners refinancing their mortgages, edged down to 2.23% from 2.27% last week.

In the latest economic news, the government reported that , to 376,000, a new pandemic low.

“Despite the stronger economy, the housing market is experiencing a slowdown in purchase application activity due to modestly higher mortgage rates,” said Sam Khater, Freddie Mac’s chief economist. “However, it has yet to translate into a weaker home price trajectory because the shortage of inventory continues to cause pricing to remain elevated.”

Another report Thursday found that . On average, people who moved to a different city in 2020 ended up in a ZIP code where average home values were nearly $27,000 lower than in their previous ZIP code, according to Zillow.

Rising prices, a dearth of homes on the market and the ability to work remotely motivated many Americans to relocate last year.

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