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Jason Taub - Realtor
Jason Taub - Realtor

Mortgage Rates Fall to New Lows – 30-Year Loan at 2.72%

Last week, a stock market surge pushed rates a bit higher. This week, the average 30-year, fixed-rate mortgage fell once again to 2.72%, its 13th record low this year.

WASHINGTON (AP) – U.S. long-term mortgage rates fell this week, reaching record lows for the 13th time this year amid fresh signs of weakness in the pandemic-ravaged economy.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan declined to 2.72% from 2.84% last week. By contrast, the rate averaged 3.66% a year ago.

The average rate on the 15-year fixed-rate mortgage eased to 2.28% from 2.34%. Home loan rates have trended downward through most of this year, bolstering demand from would-be homebuyers.

Fresh signs emerged this week that the resurgent coronavirus outbreak is likely slowing the economy and forcing more companies to cut jobs.

The government reported Tuesday that retail sales in the U.S. – representing about a third of overall consumer spending – grew a sluggish 0.3% in October, even as retailers offered early holiday discounts online and in stores.

And a report Thursday from the Labor Department showed that the number of Americans seeking unemployment aid rose last week to 742,000, the first increase in five weeks. The worsening pandemic and the arrival of cold weather could accelerate layoffs in the weeks ahead.

Of the roughly 20 million Americans now receiving some form of jobless benefits, about half will lose that aid when two federal programs expire at year’s end.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

About Jason Taub - Realtor

Native South Floridian. Resident of downtown Fort Lauderdale for 8 years. Served on the Board of Directors for condo association of 400+ units. Extensive knowledge of the Fort Lauderdale area and Broward County. Buy, Sell, Rent - I've got you covered.

About D'Angelo Realty Group

From the inception of the downtown Fort Lauderdale condo market, consistently year after year, D’Angelo Realty Group has been the local market leader with a proven track record and longevity of listing and selling luxury estates in the greater East Fort Lauderdale area. Closing well over 1,200 condominium transactions and over $2 billion in real estate sales, the expertise within our full scale real estate brokerage will secure the highest market value for sellers and negotiate the most equitable price attainable for our buyers.

Contact Jason today for all of your real estate needs. Available 24/7.

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