Omicron worries push mortgage rates down; 30-year at 3.05%
ABC News
Fears about the economic fallout from the omicron variant pushed long-term U.S. mortgage rates lower this week
WASHINGTON -- Fears about the economic fallout from the omicron variant pushed long-term U.S. mortgage rates lower this week.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the benchmark, 30-year home loan dipped to 3.05% this week from 3.12% last week. A year ago, the 30-year rate stood at 2.66%.
The average rate on 15-year, fixed-rate mortgages, popular among those refinancing their homes, fell to 2.3% from 2.34% last week. It was 2.19% a year ago.
Rates fell despite unusually high inflation because financial markets are worried that omicron will weigh on economic growth by forcing lockdowns and cancellations, discouraging Americans from going out to shop, eat and drink.
