US long-term mortgage rates rise; 30-year fixed home loans at 2.99%

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US long-term mortgage rates rise; 30-year fixed home loans at 2.99%

US mortgage buyer Freddie Mac said in a statement on Thursday that the US average rates for long-term mortgages edged up this week, while the popular-most 30-year fixed mortgage rates had been inched up towards 3 per cent.

Aside from that, Freddie Mac had also added at its Thursday statement that the week’s average rate on 30-year fixed home loan had nudged up to 2.99 per cent from an earlier 2.96 per cent last week, while rates for the 30-year fixed home loans had been harbouring at historically low levels compared to the same time a year earlier while the debts were averaged at 3.55 per cent.

Average rate for 15-year fixed home loans in tandem had been lifted to 2.54 per cent from a readout of 2.46 per cent a week earlier.

US mortgage rates rise as homebuying demands continue to soar

In point of fact, as the US mortgage buyer Freddie Mac had reported another week of gain for average long-term mortgage rates, a persistence rise in homebuying demands amid a multi-decade low mortgage rate remained as a shimmering ray of hope for an ailing US economy.

Notably, latest set of mortgage readings from Freddie Mac came forth a day after the US Govt. data had revealed that the construction of new homes had climbed 22.6 per cent in July as millions of Americans appeared to have relocated to the suburbs and countryside amid a stubborn rise in pandemic cases, while a growing number of Americans working from home had also catapulted the new homes construction figures revealed on Tuesday.

Nonetheless, although the US housing starts have reported gains for the three straight months following a steep plunge in March and April while the pandemic outbreak had nearly halted the entire US economy and July’s pace of construction on an annualized basis had hit a 13-month high to 23.4 per cent, analysts have still been fretted that a jubilant US housing market might not sustain in a near-term outlook as an abrupt demand surge had stemmed a substantial scale of lag in supplies.