Mortgage rates dip lower this week; 30-year loan at 2.86%

WASHINGTON (AP) — Average long-term mortgage rates dipped lower this week as economic prospects continued muted amid a wave of new delta variant coronavirus cases. They remained under 3%. Mortgage buyer Freddie Mac says the average rate for a 30-year mortgage edged down to 2.86% from 2.88% last week. The rate for a 15-year loan fell to 2.12% from 2.19%. Anxiety abounds that the highly contagious delta variant could cause the economic recovery from the pandemic to stall by reducing employment and dampening consumer spending. Vaccine hesitancy has been cited by economists as a significant factor.