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Average long-term mortgage rates fall; 30-year loan at 5.1%


WASHINGTON (AP) — Average long-term U.S. mortgage rates fell this week for the second week in a row, though interest rates on the key 30-year home loan remain at decade-high levels. Economic uncertainty and weakened homebuyer demand continue to loom over mortgage rates. Mortgage buyer Freddie Mac reported that the 30-year rate declined to 5.1% from 5.25% last week. The average rate on 15-year, fixed-rate mortgages dipped to 4.31% from 4.43% last week. Higher borrowing rates appear to be slowing the housing market, a crucial sector of the economy. Homeownership has become an increasingly difficult aspiration, especially for first-time buyers.

Article Topic Follows: AP National Business

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