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US long-term mortgage rates stay near historic lows

Buying News
This June 20, 2019, photo shows an existing home is offered for sale in Rutledge, Ga. On Thursday, June 27, Freddie Mac reports on this week’s average U.S. mortgage rates.
. John Bazemore / The Associated Press

WASHINGTON (AP) — US long-term mortgage rates remained near historically low levels this week against a backdrop of volatile financial markets around the globe.

Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year loan was unchanged at 3.6 percent, its lowest level since November 2016. A year ago the rate stood at 4.53 percent.

The average mortgage rate for 15-year fixed-rate home loans edged up to 3.07 percent from 3.05 percent last week.

Continued anxiety over the US-China trade war and slowing global economic growth made for a rocky ride in the markets. On Wednesday, US stocks plunged after the bond market sent out a fairly reliable warning signal of recession.

The whipsawed markets have sent investors fleeing from stocks to the safety of bonds, pushing bond interest rates to record lows.

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