FILE - This July 10, 2014 file photo shows a home for sale in Quincy, Mass. On Thursday, Aug. 21, 2014, Freddie Mac is scheduled to report on average U.S. mortgage rates for the week. (AP Photo/Michael Dwyer, File)
Average U.S .30-year mortgage rate at 4.10 percent
Housing » That’s a slight drop from last week; 15-year rate drops 0.01 to 3.23 percent.
The Associated Press
First Published Aug 21 2014 11:21 am • Last Updated Aug 21 2014 11:21 am
Washington • Average long-term U.S. mortgage rates declined this week, with the 30-year loan rate hitting its low for the year.
Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage fell to 4.10 percent from 4.12 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, slipped to 3.23 percent from 3.24 percent.
Mortgage rates have fallen in recent weeks after climbing last summer when the Federal Reserve began talking about reducing the monthly bond purchases it was making to keep long-term borrowing rates low.
Mortgage rates often follow the yield on the 10-year Treasury note. The 10-year note traded at 2.43 percent Wednesday, close to its low for the year of 2.41 percent.
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