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.

Categories: National News