WASHINGTON — U.S. long-term mortgage rates slipped this week as the economy remains burdened by the coronavirus pandemic.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark 30-year fixed-rate home loan eased to 2.73% from 2.77% last week. By contrast, the rate stood at 3.51% a year ago.
The average rate on 15-year fixed-rate loans, popular among homeowners seeking to refinance their mortgages, ticked down to 2.20% from 2.21%.
The damage from the coronavirus pandemic on the U.S. and global economies suppressed home loan rates through most of 2020. The U.S. economy shrank last year by the largest amount in 74 years, the government reported
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