Long-term mortgage rates hit 4.2%, up for 4th week

WASHINGTON (AP) – April 25, 2019 – U.S. long-term mortgage rates rose this week for the fourth straight week, though they remain historically low as a spur to home sales in the spring buying season.

Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage increased to 4.20 percent from 4.17 percent last week. By contrast, a year ago the benchmark rate stood at 4.58 percent.

The average rate for 15-year, fixed-rate home loans rose this week to 3.64 percent from 3.62 percent last week.

After peaking at nearly 5 percent in November, long-term rates started trending downward, helping to boost home sales after a rocky 2018.

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 This material may not be published, broadcast, rewritten or redistributed.

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