US mortgage rates fall for 4th week; 30-year dips to 2.94%

Mortgage rates declined this week, marking their fourth consecutive week below 3%

WASHINGTON -- Mortgage rates declined this week, marking their fourth consecutive week below 3% and further evidence of the strength in the economy’s recovery from the pandemic recession. Mortgage buyer Freddie Mac reported Thursday that the average for the benchmark 30-year home-loan rate eased to 2.94% from 2.96% last week. At this time last year, the long-term rate was 3.28%. The rate for a 15-year loan, popular among those seeking to refinance, slipped to 2.26% from 2.30% last week. Experts are expecting mortgage rates to increase modestly in the short term, while remaining at low levels in light of the Federal Reserve’s goal of keeping its key interest rate near zero until the economy recovers from the pandemic.