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Jason Taub - Realtor
Jason Taub - Realtor

Mortgage Rates Top 3% Again

At 3.1%, this week’s average 30-year-mortgage rate is barely higher than last week’s 2.98%, but any rise above a whole number can have a psychological impact on buyers.

SILVER SPRING, Md. (AP) – The average long-term U.S. mortgage rate rose this week, with the main 30-year rate inching back up over 3%.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark home loan jumped to a still-low 3.1% from 2.98% last week. A year ago at this time, the rate was 2.72%.

The rate for a 15-year loan, popular with homeowners refinancing their mortgages, rose to 2.39% from 2.27% last week. It stood at 2.28% a year ago.

As the job market improves and demand for products and services continues to be red-hot, the Federal Reserve earlier this month said it would keep its main borrowing rate near zero but begin dialing back the extraordinary stimulus it has provided since the coronavirus pandemic erupted last year.

Robust consumer demand and ongoing supply shortages have pushed prices higher for almost everything, chipping away at recent gains in wages and salaries for workers. The government reported last week that prices for U.S. consumers jumped 6.2% in October compared with a year earlier, leading to the highest inflation rate since 1990.

The housing market had been hamstrung by a lack of supply even before the pandemic broke in early 2020. That lack of supply, along with materials and labor shortages, has pushed new and existing home prices up by more than 10% in the past year and as much as 33% in some areas in the West.

Despite the historically low interest rates, the lack of supply combined with a surge in prices for homes has left many would-be buyers empty-handed.

Earlier Thursday, the Labor Department reported that the number of Americans applying for unemployment benefits fell for the seventh straight week to a pandemic low of 268,000. Since April 2020, employers have hired more than 18 million people, including 531,000 last month. But the U.S. economy is still more than 4 million jobs short of where it was in February last year.

Copyright 2021 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

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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