WASHINGTON (AP) — U.S. long-term mortgage rates were stable to slightly lower this week after two weeks of declines amid deepening anxiety over the severe damage to the economy from the coronavirus pandemic.
Home-loan rates have been hitting all-time lows, and mortgage buyer Freddie Mac says there's room for them to move lower. Freddie Mac reported Thursday that the average rate on the benchmark 30-year loan was unchanged this week at 3.33%. A year ago the rate stood at 4.12%.
The average rate on the 15-year fixed-rate mortgage declined this week to 2.77% from 2.82% last week.
Demand from prospective homebuyers has weakened in response to economic concerns, and the housing market has been upended by the pandemic just as it was entering the busy spring season.