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Average US mortgage rates decline; 30-year at 4.59 per cent

Average US mortgage rates decline; 30-year at 4.59 per cent | iNFOnews.ca
In this July 9, 2018, photo a for sale sign stands outside a pre-existing home in Walpole, Mass. On Thursday, Aug. 9, Freddie Mac reports on the week’s average U.S. mortgage rates. (AP Photo/Steven Senne)

WASHINGTON – Long-term U.S. mortgage rates are down this week amid a restrained home buying season this summer.

Mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages slipped to 4.59 per cent from 4.60 per cent last week. 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. By contrast, the rate stood at 3.90 per cent a year ago.

The average rate on 15-year, fixed-rate loans fell to 4.05 per cent this week from 4.08 per cent last week.

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Abbey Westbury

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