U.S. mortgage rates were essentially unchanged this week remaining near historic lows, according to Freddie Mac.
The 30-year fixed mortgage rate averaged 2.93 percent for the week ending Sept. 3 — up slightly from a rate of 2.91 percent last week. A year ago, mortgage rates stood at 3.49 percent.
Low mortgage rates help propel U.S. home sales and the refinance market.
“Mortgage rates have remained effectively flat or at near record lows for the last month,” said Sam Khater, Freddie Mac’s chief economist. “However, there are some interesting compositional shifts as the 10-year Treasury rate has increased modestly over the past month while mortgage spreads have declined. Spreads may decline even further but the rise in Treasury rates will make it difficult for mortgage rates to fall much more over the next few weeks.”
Favorable rates have been helping Dayton-area home sales, especially home prices.
After a dip in May, Dayton home sales are continuing to rebound through the Covid-19 pandemic. Sales of single-family and condominium units saw more gains in sales prices in July, according to new data from Dayton Realtors.
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BY: DBJ STAFF