US mortgage rates fall; 30-year at all-time low of 3.13%

WASHINGTON — Long-term U.S. mortgage rates fell this week as the benchmark 30-year home loan reached a new all-time low.

Mortgage buyer Freddie Mac reports that the average rate on the key 30-year loan declined to 3.13% from 3.21% last week. It was the lowest level since Freddie began tracking average rates in 1971.

The average rate on the 15-year fixed-rate mortgage eased to 2.58% from 2.62%.

In recent weeks, signs have pointed to the economy appearing to be slowly recovering from the devastation of the coronavirus pandemic, with more businesses partially reopening.

The housing market has shown strength, notes Freddie Mac's chief economist.