Average US mortgage rates dip; 30-year at 4.52 per cent

WASHINGTON – Long-term U.S. mortgage rates edged slightly lower this week.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages slipped to 4.52 per cent from 4.53 per cent last week.

Despite the decline in recent weeks, long-term loan rates have been running at their highest levels in seven years. The average benchmark 30-year rate reached a high this year of 4.66 per cent on May 24. The rate stood at 3.96 per cent a year ago.

The average rate on 15-year, fixed-rate loans ticked down to 4.00 per cent this week from 4.02 per cent last week.