WASHINGTON (AP) — Long-term U.S. mortgage rates are down this week amid a restrained home buying season this summer.
Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages slipped to 4.59 percent from 4.60 percent last week. Long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 percent on May 24. By contrast, the rate stood at 3.90 percent a year ago.
The average rate on 15-year, fixed-rate loans fell to 4.05 percent this week from 4.08 percent last week.