The average U.S. mortgage rate for a 30-year fixed loan remained steady this week, gaining one basis point to 2.81%, Freddie Mac said in a report on Thursday. The average fixed rate for a 15-year mortgage was 2.32%, falling from last week’s 2.33%.
After this week’s dip, there have now been 14 consecutive weeks when average mortgage rates have been below 3%. According to Freddie Mac’s chief economist, Sam Khater, low rates have provided tangible support to the economy at a critical time.
“Strong purchase demand is helping to lift the construction, manufacturing and transportation industries that build new homes and it is also leading to more consumer spending for owners, who are selling or improving their homes,” said Khater. “On the refinance front, many consumers are smartly taking advantage of the ability to lower their monthly payment, which means they can spend, save or pay down debt more so than they have in the past.”
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