Long-Term U.S. Mortgage Rates Slip This Week

WASHINGTON (AP) -
mortgage rates, interest rate
(AP Photo/Gene J. Puskar, File)

Long-term U.S. mortgage rates dropped slightly this week.

Mortgage buyer Freddie Mac says the benchmark 30-year, fixed-rate mortgage averaged 3.90 percent, down from 3.91 percent last week. The rate stood at 3.56 percent a year ago and averaged a record low 3.65 percent in 2016.

The 15-year, fixed-rate home loan, popular with homeowners seeking to refinance their mortgages, also blipped lower – to 3.17 percent from 3.18 percent. A year ago, the 15-year rate was 2.83 percent.

The rate on five-year, adjustable-rate mortgages decreased to 3.14 percent from 3.15 percent. It was 2.74 percent a year ago.

Mortgage rates have remained low even though the Federal Reserve has been raising short-term rates: The Fed last week ratcheted rates higher for the third time in six months.