Average US 30-year mortgage rate slips to 4.14 per cent
WASHINGTON — Long-term U.S. mortgage rates fell this week for a second straight week, slipping further from their highest levels of the year reached two weeks ago.
Mortgage buyer Freddie Mac said Thursday the rate on 30-year fixed-rate home loans declined to 4.14 per cent from 4.23 per cent last week. The benchmark rate stood at 3.71 per cent a year ago and averaged 3.65 per cent in 2016, the lowest level in records dating to 1971.
The rate on 15-year mortgages eased to 3.39 per cent from 3.44 per cent.
Despite the runup in mortgage rates that started after the November election, Americans stepped up home buying in January. Many buyers likely sought to close their deals before rates increased further. The Federal Reserve raised its key interest rate on March 15 for only the third time since 2006, but economists at S&P Dow Jones Indices say higher rates won’t slow home sales until later this year.