US Mortgage Rates All-Time Low
Long-term US mortgage rates hovering near all-time lows; 30-year at 3.28%. A year ago, the rate stood at 4.07%. The average rate on the 15-year fixed-rate mortgage eased to 2.72% from 2.73% last week. Mortgage applications for home purchases reached a new low in April as the economy and housing market reeled from the shutdown spurred by the coronavirus pandemic. The normally busy spring homebuying season has been upended. At the same time, however, home prices have been rising. Grim data, meanwhile, continues to pour in showing the economic damage from the virus that shut down wide swaths of business and social life. The spike of nearly 3 million laid off workers applying for US unemployment benefits last week came despite most states having begun letting some businesses reopen under certain restrictions.
Tags : INTERNATIONAL economy home prices coronavirus pandemic US Mortgage US unemployment economic damage Mortgage Rates