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Average rate on 30-year mortgage tick down to 2.88%

By MATT OTT AP Business Writer
SILVER SPRING, Md. (AP) — U.S. average rates on long-term mortgages edged down slightly this week, remaining at historically low levels. Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year home loan fell to 2.88% from 2.90% last week. One year ago, the rate averaged 3.65%. The average rate on the 15-year fixed-rate mortgage also fell, to 2.36% from 2.40% last week. Low interest rates have made already strong demand for housing even stronger, but a lack of available homes has flummoxed would-be buyers. The market was short of homes even before the coronavirus outbreak made many homeowners think twice about upgrading.


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