US long-term mortgage rates tick down to 3.89% this week

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates fell slightly this week, after rising to their highest level in three years last week. The average rate on a 30-year loan declined to 3.89% this week from 3.92% the previous week, mortgage buyer Freddie Mac reported Thursday. Available housing has been limited since before the pandemic began in 2020, and higher prices and rising interest rates will make securing a new home even harder. On Wednesday, the Mortgage Bankers Association said that applications for mortgages fell more than 13% last week from the previous week, the lowest level since December of 2019.