Mortgage rates are now at four-month lows nationwide
WASHINGTON (AP) — Average U.S. rates on fixed mortgages dropped this week to their lowest levels in four months, a positive sign for the housing recovery.
Mortgage buyer Freddie Mac says the average rate on the 30-year loan fell to 4.13%. That’s down from 4.28%. The average on the 15-year fixed loan declined to 3.24% from 3.33%.
Both averages are the lowest since June 20.
Mortgage rates have been falling since September, when the Federal Reserve held off slowing its $85-billion-a-month in bond purchases.
The bond buys are intended to keep longer-term interest rates low, including mortgage rates.