US long-term mortgage rates fall sharply: 30-year at 3.60%

US long-term mortgage rates fall sharply: 30-year at 3.60%
FILE - In this July 22, 2019 photo, a for sale sign is posted in front of a home in Miami. On Thursday, Aug. 8, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Lynne Sladky, File)

WASHINGTON (AP) — U.S. long-term mortgage rates fell sharply this week, with the benchmark 30-year loan touching its lowest level since November 2016.

Financial markets around the globe have been whipsawed by anxiety over the U.S.-China trade war, sending investors fleeing from stocks to the safety of bonds and pushing bond interest-rates to record lows.

Mortgage buyer Freddie Mac says the average rate on the 30-year mortgage dropped to 3.60% from 3.75% last week. A year ago the rate stood at 4.59%.

The average rate for 15-year, fixed-rate home loans tumbled to 3.05% from 3.20%.