US long-term mortgage rates fall; 30-year at 4.57 per cent

WASHINGTON – Long-term U.S. mortgage rates fell this week, marking their third decline in the past four weeks after increasing last week.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages was 4.57 per cent, down from 4.62 per cent last week. By contrast, the 30-year rate averaged 3.90 per cent a year ago.

Putting the recent decline in perspective, long-term loan rates have been running at their highest levels in seven years. The Federal Reserve last week raised its benchmark interest rate for the second time this year and signalled that it may step up its pace of rate increases.

The average rate on 15-year, fixed-rate loans eased to 4.04 per cent from 4.07 per cent last week.