U.S. Mortgage Rates Move Little After Big Drop; 30-Year 4.08%

WASHINGTON (AP) -
mortgage rates
An apartment for sale in Jersey City, N.J. (AP Photo/Jenny Kane)

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.