Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

U.S. Mortgage Rates Fall With 30-Year at a Record-Low 3.49%

Mortgage Rates in U.S. Fall to Record Lows With 30-Year at 3.49%
Low mortgage rates failed to increase home sales last month as tight inventory and sluggish job growth restrained deals. Photographer: David Paul Morris/Bloomberg

U.S. mortgage rates dropped, with 30-year loans reaching a record low for a sixth straight week, amid signs the housing recovery is slowing.

The average rate for a 30-year fixed mortgage fell to 3.49 percent in the week ended today, the lowest in Freddie Mac records dating to 1971, from 3.53 percent. The average 15-year rate declined to 2.8 percent, also a new low, from 2.83 percent, the McLean, Virginia-based mortgage-finance company said today in a statement.

Sluggish employment growth and tight lending standards are limiting a recovery in the housing market even as mortgage rates continue to fall, according to Celia Chen, an economist at Moody’s Analytics Inc. in West Chester, Pennsylvania. Contracts to buy previously owned homes dropped 1.4 percent last month from a revised 5.4 percent gain in May that was less than initially reported, data from the National Association of Realtors showed today.

“It’s essential that the job market continues to add jobs,” Chen said. “If things don’t improve at least a little, yes, we do risk squashing this housing recovery.”

Private-sector employers added 84,000 jobs in June, the weakest in 10 months, and the unemployment rate stuck at 8.2 percent, U.S. Labor Department figures showed.

Purchases of new U.S. homes dropped in June from a two-year high, the Commerce Department reported yesterday. Sales of existing residences also declined, to an eight-month low, the National Association of Realtors reported.

Mortgage applications in the U.S. climbed last week as low borrowing costs spurred refinancing. An index of applications for refinancing increased 1.8 percent in the week ended July 20 from the previous week, the Washington-based Mortgage Bankers Association said yesterday. The group’s purchase gauge dropped 3.2 percent.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.