Long-term U.S. mortgage rates declined this week, in a quiet pause after weeks of market anxiety over rising interest rates.
Home borrowing rates still remain at their highest levels in more than seven years, dampening the outlook for prospective homebuyers. Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate mortgages eased to an average 4.83 per cent this week from 4.86 per cent last week. A year ago, it stood at 3.94 per cent.
The average rate on 15-year, fixed-rate loans slipped to 4.23 per cent this week from 4.29 per cent last week.