US mortgage rates fall slightly; 30-year at 4.85 percent

US mortgage rates fall slightly; 30-year at 4.85 percent
In this Sept. 21, 2018 photo shows a sign for a home for sale in Jackson, Miss. On Thursday, Oct. 18, Freddie Mac reports on this week's average U.S. mortgage rates. (AP Photo/Rogelio V. Solis)

WASHINGTON (AP) — Long-term U.S. mortgage rates dipped slightly this week, taking a pause after weeks of steady increases stoked by rising interest rates.

Home borrowing rates remain at their highest levels in more than seven years, with the key 30-year rate approaching 5 percent. Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages declined to an average 4.85 percent this week from 4.90 percent last week.

Last week’s average was the highest level for the benchmark rate since spring 2011. A year ago, it stood at 3.88 percent.

The average rate on 15-year, fixed-rate loans eased to 4.26 percent this week from 4.29 percent last week.