WASHINGTON (AP) — Long-term mortgage rates slipped again this week.
Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate loans eased to 4.15 percent from 4.17 percent last week. The benchmark rate stood at 3.65 percent a year ago and averaged 3.65 percent through 2016, lowest in records going back to 1971.
The rate on 15-year mortgages dropped to 3.35 percent this week from 3.39 percent and 2.95 percent a year ago.
Both rates fell for the second straight week.
Most Read Stories
- Seattle judge won’t immediately release ‘Dreamer’ from detention center
- Officials say damage to sewage plant in Discovery Park is catastrophic
- T-Mobile one-ups Verizon’s new unlimited data plan; 4Q results top forecasts
- Sticker shock as much higher car-tab bills land in mailboxes
- Mexico City is a parched and sinking capital
But rates have soared since President Donald Trump was elected Nov. 8. Investors have bid rates higher because they expect Trump’s plans to cut taxes and increase spending on infrastructure will boost growth and inflation.
The Federal Reserve raised short-term rates in December and is expected to continue hiking rates this year.