Share
WASHINGTON — U.S. long-term mortgage rates slipped this week, reflecting the stock market decline and rush by investors to Treasury notes.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year, fixed-rate mortgage fell slightly to 4.62 percent from to 4.63 percent last week. Rates averaged 3.94 percent a year ago.
The rate on 15-year fixed-rate loans held at 4.07 percent for the second straight week, up from 3.38 percent a year ago.
Causing Home Sales to Drop
Higher mortgage rates over the past year have caused home sales to drop. But mortgage rates have declined in recent weeks as fears about an economic slowdown have caused more investors to sell stocks and buy Treasury notes.
Amid the purchases, the interest on a 10-year Treasury has fallen from 3 percent to under 2.8 percent in the past month. Mortgage rates generally correspond with the interest charged on U.S. government debt.
Sam Khater, Freddie Mac’s chief economist, said that lower rates should help to boost home sales.
“Given the further drop in rates we’ve seen this month, we expect to see a modest rebound in home sales as well,” he said.
Willow the Streetwise Poodle Mix Gets a Second Chance
9 hours ago
Newsom Wants Voters to Weigh In on New Congressional Districts in November
10 hours ago
Kia America Recalls 201,149 US Telluride Vehicles
10 hours ago
US Reviewing Visa Denial for Venezuelan Little League Players, State Department Says
10 hours ago
Hamas Says It Won’t Disarm Unless Independent Palestinian State Established
10 hours ago
Fresno Donates Firefighting Gear to Sister City Guadalajara
11 hours ago
Corruption Scandal Puts Mexico’s President on Defense Against Trump
11 hours ago
US Judges Speak Out About Death Threats, ‘Swattings,’ and ‘Pizza Doxings’
1 day ago
India Will Buy Russian Oil Despite Trump’s Threats, Officials Say
6 hours ago
Categories

India Will Buy Russian Oil Despite Trump’s Threats, Officials Say

Trump Reaffirms Support for Morocco’s Sovereignty Over Western Sahara

Willow the Streetwise Poodle Mix Gets a Second Chance

Newsom Wants Voters to Weigh In on New Congressional Districts in November

Kia America Recalls 201,149 US Telluride Vehicles

US Reviewing Visa Denial for Venezuelan Little League Players, State Department Says
