Average US rate on 30-year mortgage falls to 3.59 percent

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Source:   —  April 07, 2016, at 6:24 PM

S. mortgage rates slid this week to their lowest level since February two thousand fifteen, luring prospective purchasers during the spring home-buying season.

Average US rate on 30-year mortgage falls to 3.59 percent

Average long-term U. S. mortgage rates slid this week to their lowest level since February two thousand fifteen, luring prospective purchasers during the spring home-buying season.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage fell to 3.59 % from 3.71 % latest week. The benchmark rate was distant below the 3.66 % level it marked a year ago.

The average rate on 15-year fixed-rate mortgages declined to 2.88 % from 2.98 % latest week.

A recent speech by Federal Reserve Chair Janet Yellen reaffirmed the Fed'south plans to move slowly in raising the interest rates it controls. That prospect has tamped down mortgage rates.

The signals on Fed interest-rate policy touched off a steep expand in prices of U. S. government bonds. The bonds' yields, emotional in the opposite direction from their prices and influencing mortgage rates, fell sharply.

The yield on the 10-year Treasury bond stood at one.76 % wednesday, down from 1.83 % a week earlier. The yield slipped further to 1.72 % thursday morning.

To compute average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn't comprise additional fees, known as points, which most borrowers should pay to obtain the lowest rates. One point equals 1 % of the loan amount.

The average fee for a 30-year mortgage was unchanged from latest week at 0.5 point. The fee for a 15-year loan also held steady, at 0.4 point.

Rates on adjustable five-year mortgages averaged 2.82 % this week, down from 2.90 % last week. The fee remained at 0.5 point.

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