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30-year mortgage rate drops

By Associated Press

POSTED:
LAST UPDATED: 02:14 p.m. HST, Mar 06, 2014



WASHINGTON » Average U.S. rates on fixed mortgages fell after three weeks of rises, edging closer to historically low levels.

Mortgage buyer Freddie Mac said Thursday that the average rate for the 30-year loan declined to 4.28 percent from 4.37 percent last week. The average for the 15-year mortgage fell to 3.32 percent from 3.39 percent.

A report released Tuesday by real estate data provider CoreLogic showed that U.S. home prices rose 0.9 percent in January after three months of declines, as a tight supply of properties likely supported prices despite slower sales.

Economists believe such outsize price gains might not continue much longer, however.






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