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U.S. Mortgage Rates Mixed: 30 Years Still 3.1% | WGN Radio 720

Washington (AP) — US mortgage rates have been mixed this week.

The average interest rate on benchmark 30-year fixed rate mortgages remained unchanged from last week at 3.1%. It was 2.72% a year ago. Fixed rate mortgage rates for 15 years surged from 2.39% last week to 2.42%. It was 2.28% a year ago.

The US housing market is booming, supported by low interest rates, limited supply of available housing, and stagnant demand from consumers who have spent most of the past year and a half at home.

Many economists expect US interest rates to rise in the coming months as the Federal Reserve moves away from the monetary easing policy adopted when the coronavirus blamed the US economy last spring. Daniel Hale, Chief Economist at Realtor.com, said:

A strong backlash from the pandemic recession helped boost consumer prices, rising 6.2% year-on-year last month. This is the largest rise since 1990.

Interest rates on 5-year adjustable rate loans fell from 2.49% last week to 2.47%. It was 3.16% a year ago.

U.S. Mortgage Rates Mixed: 30 Years Still 3.1% | WGN Radio 720

Source link U.S. Mortgage Rates Mixed: 30 Years Still 3.1% | WGN Radio 720

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