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US mortgage rates stall; 30-year remains at all-time low

FILE - In this Sept. 3, 2019 file photo a sign rests in front of a newly constructed home, in Westwood, Mass. Long-term U.S. mortgage were unchanged this week as the benchmark 30-year home loan remains at a its lowest rate in nearly 50 years. Mortgage buyer Freddie Mac reported Thursday, June 25, 2020 that the average rate on the key 30-year loan stood at 3.13%. (AP Photo/Steven Senne, File)
FILE - In this Sept. 3, 2019 file photo a sign rests in front of a newly constructed home, in Westwood, Mass. Long-term U.S. mortgage were unchanged this week as the benchmark 30-year home loan remains at a its lowest rate in nearly 50 years. Mortgage buyer Freddie Mac reported Thursday, June 25, 2020 that the average rate on the key 30-year loan stood at 3.13%. (AP Photo/Steven Senne, File) (Copyright 2019 The Associated Press. All rights reserved)

NEW YORK – Long-term U.S. mortgage were unchanged this week as the benchmark 30-year home loan remains at its lowest rate in nearly 50 years.

Mortgage buyer Freddie Mac reported Thursday that the average rate on the key 30-year loan stood at 3.13%, the same as last week. It is the lowest level since Freddie began tracking average rates in 1971. A year ago, the rate stood at 3.73%.

The average rate on the 15-year fixed-rate mortgage rose slightly to 2.59% from 2.58% last week, but it is down from 3.16% a year ago.

The historically low rates coincide with a housing market that is showing signs of recovery. Sales of new homes rose a surprisingly strong 16.6% in May with the reopening of major parts of the country. Sales of existing homes, though, are still struggling, with a 9.7% plunge in May. And, there is still a tight supply of homes available for sale, running up against high demand.