WASHINGTON (AP) — US long-term mortgage rates dipped this week to the lowest average in more than a year, providing a possible boost to the start of the spring home buying season in March.
Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year fixed-rate mortgage declined from 4.37 percent to 4.35 percent. The key 30-year home-borrowing rate averaged 4.4 percent a year ago. This week was the lowest average since Feb. 8, 2018.
The average rate this week for 15-year fixed-rate loans declined from 3.81 percent to 3.78 percent.
Mortgage rates hew closely to changes in the interest charged on 10-year US Treasury notes. Lower borrowing costs should help boost home sales, as rising mortgage rates in 2018 caused home buying to tumble last year.