US mortgage rates haved edged up
US long-term mortgage rates are close to historic lows despite a modest uptick in the averages this week, according to mortgage buyer Freddie Mac.
WASHINGTON (AP) — US long-term mortgage rates ticked up slightly this week, yet they remain near historic lows.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan rose to 3.58 percent from 3.55 percent last week. Mortgage rates have fallen sharply as a slowing global economy and tensions from the trade war between the United States and China have caused the interest rates on government bonds to tumble, prompting the average rate for a 30-year home loan to decline from 4.52 percent a year ago.
Lower mortgage rates should help home buyers, but low inventories and high prices that have consistently eclipsed wage growth have restrained sales growth.
The average mortgage rate for 15-year fixed-rate home loans rose to 3.06 percent, up from 3.03 percent last week.
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