U.S. Mortgage Rates Rise From a Record Low With 30-Year at 2.96%
(Bloomberg) -- Mortgage rates rose for the first time in three weeks, while holding close to the record lows that have juiced up the U.S. housing market.
The average for a 30-year loan climbed to 2.96% this week, up from 2.88%, which was the lowest in almost 50 years of data-keeping by Freddie Mac. The rate fell below 3% for the first time in July, a slide in borrowing costs that began earlier this year as Covid-19 roiled financial markets.
“Homebuyer demand remains strong, especially for those in search of an entry-level home where the improvement in affordability via lower mortgage rates has a material impact,” Sam Khater, Freddie Mac’s chief economist, said in a statement.
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