Key Mortgage Rate Declines Slightly to 4.55 Percent

WASHINGTON (AP) -
mortgage rate, interest rate
(AP Photo/Rogelio V. Solis)

The key long-term U.S. mortgage rate declined slightly this week, after a steady rise for most of April that pushed the rate to its highest level in more than four years.

With the spring buying season underway, mortgage buyer Freddie Mac says the average rate on 30-year, fixed-rate mortgages slipped to 4.55 percent from 4.58 percent last week. By contrast, the benchmark rate averaged 4.02 percent a year ago.

The average rate on 15-year, fixed-rate loans ticked up to 4.03 percent from 4.02 percent last week.