US average mortgage rates decline; 30-year loan at 2.95%

 US average mortgage rates decline; 30-year loan at 2.95%

WASHINGTON (AP) — Mortgage rates declined this week, pushing the benchmark 30-year home loan back down below the 3% mark.…

WASHINGTON (AP) — Mortgage rates declined this week, pushing the benchmark 30-year home loan back down below the 3% mark. Signs continued of the economy’s recovery from the pandemic recession.

Mortgage buyer Freddie Mac reported Thursday that the average for the 30-year rate fell to 2.95% from 3% last week. At this time last year, the average long-term rate was 3.15%.

The rate for a 15-year loan, popular among those seeking to refinance, eased to 2.27% from 2.29% last week.

With historically low mortgage rates prevailing, the U.S. housing market has grown so overheated as demand outpaces supply that prices keep hitting record highs — and roughly half of all houses are now selling above their list price. Two years ago, before the pandemic struck, just a quarter of homes were…

Read full article…wtop.com