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US long-term mortgage rates fall; 30-year average at 4.07%

US long-term mortgage rates fall; 30-year average at 4.07% Photo: AP

May 16, 2019 09:51 AM

WASHINGTON (AP) — U.S. long-term mortgage rates fell slightly this week, marking a third straight week of declines as a continued inducement to purchasers in the spring homebuying season.

Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage eased to 4.07% from 4.10% last week. By contrast, a year ago the benchmark rate stood at 4.61%.

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The average rate for 15-year, fixed-rate home loans declined this week to 3.53% from 3.57% last week.

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(Copyright 2019 by The Associated Press. All Rights Reserved.)

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