Typical US rate on 30-year mortgage eases to 4 percent

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Typical US rate on 30-year mortgage eases to 4 percent

Average long-term U.S. mortgage interest rates finally were trending down this week after hitting their highest levels this year in the previous week.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed-rate mortgage dropped to 4 percent this week from 4.04 percent a week earlier.

The mortgage rate on 15-year fixed-rate mortgages also slipped to 3.23 percent from 3.25 percent.

Mortgage rates have been swelling in recent weeks amid signs of progress in the economy. On Wednesday, the Federal Reserve took note of the economic strength and seemed ready to increase interest rates this year for the first time in nearly ten years, in the belief that the U.S. economy no longer needs the help of near-zero interest rates.

By | 2017-01-24T12:19:36+00:00 June 18th|Categories: Interest rates, Mortages|Comments Off on Typical US rate on 30-year mortgage eases to 4 percent