Average rate on 30-year mortgage slips to 3.58 percent

WASHINGTON – Average long-term U.S. mortgage rates edged down this week to their lowest levels of the year, offering a continued incentive for purchasing during the spring home-buying season.

The benchmark 30-year fixed-rate loan touched its lowest point in nearly three years, since May 2013. Mortgage buyer Freddie Mac says Its average slipped to 3.58 percent from 3.59 percent last week. The key rate stood at 3.67 percent a year ago.

The average rate on 15-year fixed-rate mortgages declined to 2.86 percent from 2.88 percent last week.