WASHINGTON – U.S. mortgage rates turned down this week, lowering the cost of purchasing a home and supporting the housing market.
Mortgage giant Freddie Mac said Thursday that the average rate for a 30-year fixed mortgage fell to 3.66% this week from 3.75% last week. The average 15-year rate declined to 3.15% from 3.2%.
Rates have fallen sharply in the past year. The National Association of Realtors said Thursday that home sales in October rose 4.6% from a year ago. The construction of new homes and apartments jumped nearly 4% in October.
The 30-year rate has dropped from 3.81% last year, while the 15-year rate was nearly 4.25% a year ago.
Freddie Mac surveys lenders across the country between Monday and Wednesday each week to compile its mortgage rate figures.
Subscribe to the Morning Review newsletter
Get the day’s top headlines delivered to your inbox every morning by subscribing to our newsletter.