US long-term mortgage rates fall; 30-year at 2.86%

BC-US–Mortgage Rates

Sep 10, 2020 10:36AM (GMT 15:36)
WASHINGTON (AP) — U.S. average rates on long-term mortgages fell this week amid signs that the halting economic recovery slowed over the summer. The key 30-year mortgage again marked an all-time low. Mortgage buyer Freddie Mac reports that the average rate on the 30-year home loan declined to 2.86% from 2.93% last week. The average rate on the 15-year fixed-rate mortgage slipped to 2.37% from 2.42% last week. Applications for mortgage loans are up 25% from a year ago, according to Freddie Mac. It said the growth will be difficult to sustain going into the fall because of the lack of available homes.