US mortgage rates continue to fall (Jan. 30)
US long-term mortgage rates breached already historically low levels, offering an incentive to potential home buyers.
WASHINGTON (AP) — US long-term mortgage rates fell again this week, breaching already historically low levels and offering an incentive to potential home buyers.
Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed-rate mortgage dropped from 3.60 percent last week to 3.51 percent. The benchmark rate stood at 4.46 percent a year ago.
The average rate on a 15-year mortgage declined from 3.04 percent last week to 3 percent.
Federal Reserve policymakers continued to hold interest rates low at their latest meeting this week, but the Fed chair warned that the viral outbreak in China poses a new threat to the strengthening global economy.
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