U.S. long-term mortgage rates moved little this week after the key 30-year loan rate marked its steepest weekly drop in a decade the week before.
Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage ticked up to 4.08% from 4.06% — which had plunged from 4.28% last week. The average rate on the benchmark loan stood at 4.40% a year ago.
The average rate this week for 15-year, fixed-rate home loans slipped to 3.56% from 3.57% last week.
The decline made purchasing a home a lot cheaper, and potential buyers have been rushing to take advantage of the cheaper borrowing costs.