WASHINGTON (AP) – Mortgage rates were mostly lower this week as the economy continued to show signs of recovery from the pandemic recession and recent inflation spikes were deemed temporary by federal policymakers.
Mortgage buyer Freddie Mac said Thursday that the average for a key 30-year home loan fell to 2.93% from 2.96% last week. For comparison, a year ago the rate was 3.13%.
The rate on the 15-year loan, a popular mortgage refinancing option among homeowners, rose to 2.24% from 2.23% last week.
IN The Federal Reserve made it clear on Wednesday that it may act earlier than previously planned to begin lifting its low interest rate policy. which contributed to the rapid recovery from the recession, but also coincided with rising inflation. Fed Chairman Jay Powell said the surges in inflation over the past two months are likely to be temporary.
In the latest economic news, the government said Thursday that the number of Americans seeking unemployment benefits rose last week for the first time since April to 412,000.