National News

Jul 31, 2014 10:17 AM by Associated Press

Average US 30-year mortgage rate at 4.12 percent

WASHINGTON (AP) - Average U.S. mortgage rates declined slightly this week, hovering near their lows for the year.

Mortgage company Freddie Mac says the nationwide average for a 30-year loan slipped to 4.12 percent from 4.13 percent last week. The average for the 15-year mortgage, a popular choice for people who are refinancing, declined to 3.23 percent from 3.26 percent last week.

Mortgage rates are below the levels of a year ago. They have fallen in recent weeks after climbing last summer when the Federal Reserve began talking about reducing the monthly bond purchases it was making to keep long-term rates low.

The Fed issued a statement Wednesday after a two-day policy meeting suggesting that it wants to see further improvement in the economy before it starts raising its key short-term interest rate.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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