US long-term mortgage rates drop for the 6th straight week

Buying Spring House Hunt
. Adobe Stock

WASHINGTON (AP) — US long-term mortgage rates fell for the sixth consecutive week, with the key 30-year loan average running below 4 percent 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 percent from 3.99 percent last week. By contrast, a year ago the benchmark rate stood at 4.54 percent.

The average rate for 15-year fixed-rate home loans declined this week to 3.28 percent from 3.46 percent.

Subscribe to the Globe’s free real estate newsletter — our weekly digest on buying, selling, and design — at Follow us on Facebook and Twitter @globehomes.