Average 30-year mortgage rate inches up to 4.52 percent

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WASHINGTON — Long-term US mortgage rates ticked up this week, with borrowing costs appreciably higher than a year ago.

Mortgage buyer Freddie Mac says the average rate on 30-year fixed-rate mortgages rose slightly to 4.52 percent from 4.51 percent last week. The rate averaged 3.82 percent a year ago.

Average rates began to climb after President Donald Trump signed into law tax cuts that increased the federal budget deficit; home loans generally move in sync with interest on 10-year Treasury notes.

The average rate on 15-year fixed-rate loans fell to 3.97 percent this week from 3.98 percent last week.

Because of rising home prices and borrowing costs, affordability has become a challenge for many would-be home buyers and depressed sales of existing homes for the past four months.

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