Originally published by Newsmax | November 13, 2020
The average rate on the 15-year fixed-rate mortgage edged up to 2.34% from 2.32%
U.S. long-term mortgage rates rose in the second week of November. They continue to remain at historically low levels, now around a percentage point below a year ago.
Mortgage buyer Freddie Mac reported that the average rate on the 30-year benchmark loan increased to 2.84% from 2.78% from last week. By contrast, the rate averaged 3.75% a year ago.
The average rate on the 15-year fixed-rate mortgage edged up to 2.34% from 2.32%.
The historically low borrowing rates have bolstered demand from prospective homebuyers. Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic, but at the same time the rise in home prices has stretched the limits of affordability for many would-be buyers.
The government reported in early November that the number of Americans seeking unemployment benefits fell to 709,000, a still-high level but the lowest figure since March and a further sign that the job market might be slowly healing.
Continue Reading: US Long-term Mortgage Rates Rise; 30-year at 2.84%
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