U.S. long-term mortgage rates fall, giving an incentive to potential buyers as the spring homebuying season opens.
FILE- In this Feb. 21, 2019, file photo a recently constructed home is surrounded by snow in Natick, Mass. On Thursday, March 21, Freddie Mac reports on this week's average U.S. mortgage rates. U.S. long-term mortgage rates fell this week, giving an incentive to potential buyers as the spring homebuying season opens.
Mortgage rates have fallen substantially since the beginning of the year, after climbing for much of 2018 and peaking at nearly 5 percent in early November. The average rate on the benchmark 30-year loan stood at 4.45 percent a year ago. With economic growth showing signs of slowing in the U.S. and abroad, interest rates have eased. Reflecting dimmer expectations for growth, the Federal Reserve left its key interest rate unchanged Wednesday. The Fed kept the rate — which can influence mortgage loans as well as credit cards, home equity lines of credit and more — in a range of 2.25 percent to 2.5 percent.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.
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