Long-Term Mortgage Rates Stable for Third Week

WASHINGTON (AP) – U.S. long-term mortgage rates were little changed this week. The key 30-year, fixed-rate loan hovered around an average 3.8% for the third straight week.

Before leveling off, rates marked six straight weeks of declines putting them at historically low levels during this spring’s homebuying season. Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year mortgage ticked up this week to 3.84% from 3.82% last week. By contrast, a year ago the rate stood at 4.57%.

The average rate for 15-year, fixed-rate home loans slipped this week to 3.25% from 3.26%.

The declining rates have been a boon to potential purchasers during this season, and the number of prospective buyers seeking mortgages has increased in recent weeks.

Source:  Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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