Average US rate on 30-year mortgage falls to 3.59 percent
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FILE - In this Tuesday, Feb. 2, 2016, file photo, newly built townhouses are for sale in Miami. On Thursday, April 7, 2016, Freddie Mac reports on the week's average U.S. mortgage rates. (AP Photo/Lynne Sladky, File)
WASHINGTON (AP) — Average long-term U.S. mortgage rates slid this week to their lowest level since February 2015, luring prospective purchasers during the spring home-buying season.
Mortgage buyer Freddie Mac says the average rate on a 30-year, fixed-rate mortgage fell to 3.59 percent from 3.71 percent last week. The benchmark rate was far below the 3.66 percent level it marked a year ago.
The average rate on 15-year fixed-rate mortgages declined to 2.88 percent from 2.98 percent last week.
A recent speech by Federal Reserve Chair Janet Yellen reaffirmed the Fed's plans to move slowly in raising the interest rates it controls. That prospect has tamped down mortgage rates.