US mortgage rates fall: 30-year at 4.81 per cent

By The Associated Press

WASHINGTON — U.S. long-term mortgage rates recorded the biggest drop in nearly four years this week, but remain much higher than they were a year ago.

Mortgage giant Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage fell to 4.81 per cent this week, down from 4.94 per cent a week earlier. It was the biggest weekly drop since January 2015. But the 30-year rate was still up from 3.92 per cent a year ago.

The rate on 15-year, fixed-rate loans fell to 4.24 per cent from 4.36 per cent a week ago. The rate stood at 3.32 per cent a year ago.

A strong U.S. economy has lifted rates over the past year. But Freddie Mac chief economist Sam Khater says rates were pushed lower this week by tumbling oil prices and stock prices.

The Associated Press

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