Long-Term Mortgage Rates Near Historic Lows: 30-Year 3.55-Percent

In this Aug. 16, 2019, photo a for sale signs beckon buyers to homes along Park Avenue in Richmond, Va. On Thursday, Aug. 22, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Steve Helber)

WASHINGTON (AP) — U.S. 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 homebuyers, 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% this week, from 3.60% last week. By contrast, the rate stood at 4.51% a year ago.

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

 

Source: AP

Categories: National News, Real Estate, Today’s Business News

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