WASHINGTON (AP) — U.S. long-term mortgage rates fell for the sixth consecutive week, with the key 30-year loan average running below 4% and at its lowest point since September 2017.
The declining rates have been a boon to potential purchasers in the spring home buying season, and the number of homeowners seizing the opportunity to refinance mortgages jumped this week. Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage dipped to 3.82% from 3.99% last week. By contrast, a year ago the benchmark rate stood at 4.54%.
The average rate for 15-year, fixed-rate home loans declined this week to 3.28% from 3.46%.