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U.S. Mortgage Rates End Year With an Increase to 3.11% -Breaking

by Mike Robinson

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© Bloomberg. A

(Bloomberg). – Mortgage rates in America rose slightly to the same level as they were at December’s beginning.

Average interest for 30-year loans was 3.1%, an increase of 3.05% in the week before. Freddie Mac (OTC:) Thursday in a statement 

In spite of the increase in Covid-19 cases, rates tracked an upward trend in the yields on 10-year Treasuries. This was only the second month that the rate grew above 1.5%. Economic data suggest that the recovery “remains on firm ground,” with low interest rates and high asset valuations continuing to drive consumer spending, Sam Khater, Freddie Mac’s chief economist, said in the statement. 

The historic lows in borrowing costs remain. This has stoked the demand for homes and pushed buyers to enter bidding wars. The 30-year average for this was 2.677%. The record low was 2.65% one week later.

©2021 Bloomberg L.P.

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