Average US rate on 30-year mortgage falls to 3.59 percent
Posted April 07, 2016 7:00 am
WASHINGTON (AP) - Average long-term U.S. mortgage rates slid this week to their lowest level since February 2015, luring prospective purchasers during the spring home-buying season.
Mortgage buyer Freddie Mac says the average rate on a 30-year, fixed-rate mortgage fell to 3.59 percent from 3.71 percent last week. The benchmark rate was far below the 3.66 percent level it marked a year ago.
The average rate on 15-year fixed-rate mortgages declined to 2.88 percent from 2.98 percent last week.
A recent speech by Federal Reserve Chair Janet Yellen reaffirmed the Fed's plans to move slowly in raising the interest rates it controls. That prospect has tamped down mortgage rates.
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