Thursday, June 23, 2016
WASHINGTON (AP) — Long-term U.S. mortgage rates rose this week but remain at levels low enough to boost home sales in the spring buying season.
Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage edged up to 3.56 percent from a 52-week low of 3.54 percent last week. The rate is down from 4.02 percent a year ago.
The average rate on the 15-year fixed rate mortgage also rose – to 2.83 percent from a 52-week low of 2.81 percent. A year ago, the 15-year rate stood at 3.21 percent.
Worries about the global economy – and specifically that the United Kingdom might vote today to leave the European Union – have sent investors scurrying to the relative safety of U.S. Treasury bonds. Their purchases have driven rates lower. And long-term mortgage rates track the yield on 10-year Treasury notes.
Last week, the Federal Reserve decided to keep short-term rates unchanged at 0.25 percent to 0.50 percent.