Rates on 30-year-fixed mortgages have fallen again, declining along with bond yields amid easing concerns over inflation due to the still-slowing economy, Freddie Mac said last week.
The average rate on a 30-year fixed mortgage dropped to 5.04 percent last week from 5.16 percent the previous week. A year ago, the 30-year, fixed-rate mortgage averaged 6.04 percent.
Average rates for 30-year-fixed mortgages hit a record low of 4.96 percent a month ago, a decline attributed to the Federal Reserve’s move to buy $500 billion in mortgage-backed securities to spur lending by banks.
The average rate on a 15-year fixed-rate mortgage was 4.68 percent last week, down from 4.81 percent the previous week, Freddie Mac said. The rate stood at 5.64 percent a year ago.
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