U.S. long-term mortgage rates fell this week after four weeks of increases, giving a boost to prospective home buyers during the spring sales season.
Freddie Mac said Thursday that the 30-year, fixed-rate mortgage (FRM) slipped to 4.14% from 4.20% last week. During the same period last year, the average rate was 4.55%. The 15-year FRM dropped this week to 3.60%, compared to 3.64% last week. A year ago at this time, the 15-year FRM was at 4.03%. The U.S. long-term mortgage rates dropped after rising for last four consecutive weeks, giving a boost to home sales during the spring sales season.