US key mortgage rate declines slightly to 4.55 percent

US key mortgage rate declines slightly to 4.55 percent
FILE- In this April 23, 2018, file photo, a sold sign is displayed the front yard of this gated home in Jackson, Miss. On Thursday, May 3, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Rogelio V. Solis, File)

WASHINGTON (AP) — The key long-term U.S. mortgage rate declined slightly this week, after a steady rise for most of April that pushed the rate to its highest level in more than four years.

With the spring buying season underway, mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages slipped to 4.55 percent from 4.58 percent last week. By contrast, the benchmark rate averaged 4.02 percent a year ago.

The average rate on 15-year, fixed-rate loans ticked up to 4.03 percent from 4.02 percent last week.