WASHINGTON (AP) — US long-term mortgage rates fell this week to their lowest level in 13 weeks, as financial markets roiled by US-Iran conflict pushed investors toward the safety of Treasury bonds.
The yield on Treasury bonds, especially the 10-year note, tends to influence mortgage rates. Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed-rate mortgage dropped from 3.72% last week to 3.64%. The benchmark rate was 4.45% a year ago.
The average rate on a 15-year mortgage declined from 3.16% last week to 3.07%. The historically low levels of borrowing rates are continuing to propel demand from prospective home buyers.