U.S. long-term mortgage rates fell slightly this week, marking a fourth straight week of declines to lure prospective purchasers in the spring homebuying season.
Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage slipped to 4.06% from 4.07% last week. By contrast, a year ago the benchmark rate stood at 4.66%.
The average rate for 15-year, fixed-rate home loans declined this week to 3.51% from 3.53% last week.
With mortgage rates at historically low levels, prospective homebuyers have been rushing in. Applications for mortgage loans jumped 2.4% in the week ended May 17 from a week earlier, according to the Mortgage Bankers Association.
Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.
The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.
The average fee on 30-year fixed-rate mortgages was unchanged this week at 0.5 point.
The average fee for the 15-year mortgage held at 0.4 point.
The average rate for five-year adjustable-rate mortgages rose to 3.68% from 3.66% last week. The fee remained at 0.4 point.
~The Associated Press