Record US mortgage rates for the third consecutive week

BALTIMORE (AP) – 30-year mortgage rates fell to record levels for the third week in a row as inflation remains subdued in a weak economy despite persistent demand from homebuyers

Mortgage buyer Freddie Mac announced on Thursday that the average rate on the 30-year fixed rate mortgage had dropped to 3.03%, down from 3.07% last week and 3.13% two weeks earlier . These are the lowest levels since Freddie Mac started tracking averages in 1971. The rate averaged 3.75% a year ago.

The average rate on the 15-year fixed-rate mortgage also fell to 2.51% from 2.56% last week. This average is down from 3.22% a year ago.

The prices make the houses more affordable because the potential buyers, who had been locked up, seem to be returning to the market. According to the National Association of Realtors, pending home sales jumped from a record 44.3% in May as a return appears to be developing in the sector.

Source: AP News

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