» Subscribe Today!
The Power of Information
Home
The Ledger - EST. 1978 - Nashville Edition
X
Skip Navigation LinksHome > Article
VOL. 45 | NO. 4 | Friday, January 22, 2021

US long-term mortgage rates slip; 30-year loan at 2.77%

Print | Front Page | Email this story

WASHINGTON (AP) — U.S. long-term mortgage rates slipped this week while remaining at record-low levels.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.77% from 2.79% last week. By contrast, the rate stood at 3.60% a year ago.

The average rate on 15-year fixed-rate loans, popular among homeowners seeking to refinance their mortgages, declined to 2.21% from 2.23%.

The damage from the coronavirus pandemic on the U.S. and global economies suppressed home loan rates through most of last year.

Long-term bond yields, which can influence interest rates on mortgages and other consumer loans, have climbed recently amid expectations of higher U.S. government spending on pandemic relief and an economic recovery as more people get vaccinated for COVID-19.

Economists forecast modest increases in mortgage rates this year. But they likely will remain relatively low as the Federal Reserve keeps interest rates near zero as needed until the economy recovers, Freddie Mac chief economist Sam Khater said Thursday.

While the rise in mortgage rates is unlikely to derail the bustling housing market, it could make it tougher for would-be homebuyers.

Follow us on Facebook, Twitter & RSS:
Sign-Up For Our FREE email edition
Get the news first with our free weekly email
Name
Email  
TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0