WASHINGTON (AP) — U.S. long-term mortgage rates rose this week. They remain at historically low levels, now around a percentage point below a year ago.
Mortgage buyer Freddie Mac reported Thursday that the average rate on the 30-year benchmark loan increased to 2.84% from 2.78% from last week. By contrast, the rate averaged 3.75% a year ago.
The average rate on the 15-year fixed-rate mortgage edged up to 2.34% from 2.32%.
Breaking their downward trend through most of this year, mortgage rates were bolstered by the news Monday that a COVID-19 vaccine may be 90% effective, based on early and incomplete test results.
The vaccine announcement came two days after Joe Biden became president-elect upon defeating President Donald Trump by crossing the winning threshold of 270 Electoral College votes with a win in Pennsylvania.
The historically low borrowing rates have bolstered demand from prospective homebuyers. Demand for homes has remained strong despite a brief slowdown in the early days of the coronavirus pandemic, but at the same time the rise in home prices has stretched the limits of affordability for many would-be buyers.
The government reported Thursday that the number of Americans seeking unemployment benefits fell last week to 709,000, a still-high level but the lowest figure since March and a further sign that the job market might be slowly healing.
Regulators authorized AstraZeneca’s coronavirus vaccine for use in adults throughout the European Union on Friday, amid criticism the bloc is not moving fast enough to vaccinate its population.
WASHINGTON (AP) — A former FBI lawyer was sentenced to probation for altering an email that the Justice Department relied on during its surveillance of an aide to President Donald Trump during the Russia investigation.
MADISON, Wis. (AP) — Democratic Gov. Tony Evers lashed out Friday at rival Republicans who tried to repeal his statewide mask mandate, saying killing the order would be a ridiculous move comparable to abolishing speed limits.
COLUMBIA, S.C. (AP) — As some conservatives in South Carolina celebrated getting a bill that would ban almost all abortions in the state past a legislative barrier and likely becoming law, they said they are not finished trying to end all abortions.
A Moscow court on Friday put the brother and several allies of Russian opposition leader Alexei Navalny under house arrest for two months as authorities sought to stymie more protests over the jailing of the top Kremlin foe.