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Average U.S. 30-year mortgage rate dips to 4.2 percent

Published May 15, 2014 8:49 am

This is an archived article that was published on sltrib.com in 2014, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Washington • Average U.S. rates on fixed mortgages declined this week for a third straight week. The low rates could give a boost to the spring home-buying season, which has gotten off to a slow start.

Mortgage buyer Freddie Mac says the average rate for the 30-year loan eased to 4.20 percent from 4.21 percent last week. The average for the 15-year mortgage fell to 3.29 percent from 3.32 percent.

Mortgage rates have risen nearly a full percentage point since hitting record lows about a year ago.

Warmer weather has yet to boost home-buying as it normally does. Rising prices and higher rates have made affordability a problem for would-be buyers. And many homeowners are reluctant to list their properties for sale.