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Tuesday, October 20, 2020
Banking US mortgage rates decline; 30-year loan lowest in 3 years

US mortgage rates decline; 30-year loan lowest in 3 years

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WASHINGTON (AP) — U.S. long-term mortgage rates fell this week for the third straight week, as the benchmark 30-year loan marked its lowest point in three years.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year fixed-rate mortgage declined to 3.45% from 3.51% last week. The key rate stood at 4.41% a year ago.

The average rate on a 15-year mortgage eased to 2.97% from 3% last week.

The historically low rates have been a boon for potential homebuyers. A positive outlook has come from signs of strength in the U.S. economy recently and expectations that the global economy could start to expand more quickly after being held back by trade conflicts.

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