In this Sept. 25, 2019 file photo, a realty company's signs rest on several lawns in front of newly constructed houses in Brandon, Miss.. Long-term U.S. mortgage rates fell, Thursday, June 18, 2020, 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. (AP Photo/Rogelio V. Solis, File)
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 reported Thursday 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. A year ago, the rate stood at 3.84%.
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 and robust homebuying demand, but it may be difficult to sustain because of the tight supply of homes available for sale, said Freddie Mac chief economist Sam Khater.
The outlook for the economy and housing will be affected by prospects for a vaccine for the virus and government relief measures and policies, Khater noted.
The government reported Thursday that about 1.5 million laid-off workers applied for U.S. unemployment benefits last week, a historically high number, even as the economy increasingly reopens and employers bring some people back to work. The latest figure marked the 11th straight weekly decline in applications since they peaked at nearly 7 million in March.
President Donald Trump is talking up a joint venture investing up to $500 billion for infrastructure tied to artificial intelligence by a new partnership formed by OpenAI, Oracle and SoftBank. The new entity, Stargate, will start building out data centers and the electricity generation needed for the further development of the fast-evolving AI in Texas, according to the White House. The initial investment is expected to be $100 billion and could reach five times that sum. While Trump has seized on similar announcements to show that his presidency is boosting the economy, there were already expectations of a massive buildout of data centers and electricity plants needed for the development of AI.
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