US long-term mortgage rates fall to low; 30-year at 2.81%

U.S. long-term mortgage rates fell this week as the key 30-year loan reached a new all-time low for the tenth time this year

WASHINGTON -- U.S. long-term mortgage rates fell this week as the key 30-year loan reached a new all-time low for the tenth time this year.

The average rate on the 15-year fixed-rate mortgage declined to 2.35% from 2.37%.

The low borrowing rates have bolstered demand by prospective homebuyers. But the demand has been constrained by the economic hardship brought by the coronavirus pandemic as well as the scarcity of available homes for sale.

In the latest sign that layoffs remain a hindrance to the economy’s recovery from the pandemic recession, the government reported Thursday that the number of Americans seeking unemployment benefits rose last week by the most in two months to a historically high level.