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While the average long-term mortgage rate has not changed since last week. The economy shows improvement even while hospitalizations have increased due to the delta variant rising up.
Freddie Mac said that the average rate for a 30-year mortgage stayed at 2.87% and demand for homes is unmoved. In April rate peaked at 3.18%, which was at 2.93% same time last year.
The 15-year loan which is one of the popular options for homeowners refinancing their mortgages climbed to 2.18% from 2.17% last week.
The current improving economic resurgence could choke because of the growing cases of delta variant.
In the April-June quarter, the total output of domestic goods and services grew by a 6.6% annual rate showed the government report at the same time for this quarter and the rest of the year many economists have been downgrading their U.S. economy growth estimate.
Another good sign was the government reported that there was a reduction to 340,000 in the number of Americans applying for unemployment benefits a pandemic low.
Reference Source: U.S News
