Rising average mortgage rates in the United States; 30-year loan at 3.05% | Economic news
WASHINGTON (AP) – Average long-term mortgage rates jumped this week, with the 30-year benchmark loan again surpassing 3%.
Mortgage buyer Freddie Mac reported Thursday that the average rate on a 30-year mortgage rose to 3.05%, from 2.99% last week. This is its highest level since April, when it peaked at 3.18%. The key rate stood at 2.81% at the same time last year.
The rate on a 15-year loan, a popular option for homeowners refinancing their mortgages, rose to 2.30% from 2.23% last week.
The rise in mortgage rates came amid persistent inflationary pressures as the coronavirus pandemic persists. The government announced on Wednesday that retail inflation rose 0.4% in September, as its consumer price index rose 5.4% in the past 12 months, the pace fastest since 2008.
The rise in inflation this year reflects rising prices for food and energy and a number of other items, from furniture to automobiles, as the pandemic has scolded supply chains and demand has exceeded supply.
The number of Americans claiming unemployment benefits has fallen to its lowest level since the pandemic began early last year, a sign that the job market continues to improve even as hiring has slowed in the past. over the past two months. Unemployment claims fell from 36,000 last week to 293,000, the second consecutive drop, the Labor Department said Thursday.
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