US mortgage rates fall again

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According to Freddie Mack, mortgage rates in the United States fell slightly this week, remaining below the 3% mark. The 30-year fixed mortgage rate averaged 2.96% for the week ending June 10, up from 2.99% last week. Three months ago, mortgage rates hit 2.65%, the lowest since 1971. A year ago, mortgage rates were 3.21%.

Low mortgage rates are helping to stimulate US home sales and the refinancing market.

“The economy is recovering remarkably quickly, and as the restrictions on the pandemic continue to be lifted, economic growth will remain strong in the coming months,” said Sam Hather, chief economist at Freddie Mac. “Despite a stronger economy, the housing market has seen a slowdown in bids due to moderately higher mortgage rates. However, this has not yet led to a deterioration in the trajectory of house prices, because the lack of stocks continues to keep prices high. ”

Read the entire story at cleveland.com’s sister site, the Cleveland Business Journal.

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