LOS ANGELES (AP) — The average long-term U.S. mortgage rate edged lower for the first time in five weeks, a welcome shift for home shoppers this spring homebuying season.
The average rate on a 30-year mortgage slipped to 6.88% from 6.94% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.73%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners refinancing their home loans, also fell this week, pulling the average rate down to 6.22% from 6.26% last week. A year ago it averaged 5.95%, Freddie Mac said.
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