Rate on 30-year mortgages falls to 3.92 per cent

WASHINGTON – The rate on benchmark 30-year, fixed-rate mortgages slipped this week to 3.92 per cent from 3.95 per cent last week. But the 15-year, fixed-rate mortgage, popular among homeowners seeking to refinance, blipped up to 3.32 per cent from 3.31 per cent.

A year ago, the 30-year stood at 4.03 and the 15-year at 3.25 per cent.

Mortgage rates often follow the yield on 10-year Treasury notes, which dipped this week.

The five-year adjustable mortgage rate rose to 3.22 per cent from 3.21 per cent last week and 3.12 per cent a year ago.

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