Long-term mortgage rates drop again

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 are near historically low levels this week, with the average on the benchmark 30-year loan falling to its lowest level since November 2016.

The low borrowing rates have been a boon for home buyers, even as global financial markets are roiled by concerns over the global economy. Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 3.55 percent this week, from 3.6 last week. By contrast, the rate stood at 4.51 percent a year ago.

The average mortgage rate for 15-year fixed-rate home loans eased to 3.03 percent from 3.07 percent last week.

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