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US mortgage rates drop to 3.13% in first slide since January

(Bloomberg) – US mortgage rates fell for the first time since January, marking a streak of seven consecutive weekly gains. The 30-year loan average was 3.13%, up from 3.18% last week , according to data from Freddie Mac on Thursday. Mortgage rates follow benchmark 10-year Treasury yields, which slipped this week after reaching levels not seen since before the pandemic. Mortgage rates plunged in 2020 to a record low of 2.65 % in January. Since then, borrowing costs have risen, vaccines fueling optimism for an economic recovery and investors are betting inflation will accelerate. Recent weeks have slowed a refinancing boom that generated record profits for the mortgage industry Last year, the housing market in the United States is booming during the pandemic. But a shortage of homes available to buy has sparked bidding wars and pushed up prices. Lack of inventory can slow sales as Americans struggle to find properties they can afford. “Without a significant increase in inventory, we can expect sales activity to be below expectations during the critical spring season,” said George Ratiu, senior economist at Realtor .com. (Updates with graphic.) For more articles like this, please visit us at Subscribe now to stay ahead with the most trusted source of business news. © 2021 Bloomberg LP

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