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Thursday, 29 May 2014 15:35

Average US 30-year mortgage rate down to 4.12 percent

WASHINGTON (AP) - Average U.S. rates on fixed mortgages fell this week for a fifth straight week. The spring home-buying season has started slowly, but it may be aided by the low rates. Mortgage buyer Freddie Mac says the average rate for a 30-year loan edged down to 4.12 percent from 4.14 percent last week. The average for the 15-year mortgage declined to 3.21 percent from 3.25 percent. Warmer weather has yet to boost home-buying as it normally does. Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers. At the same time, a limited supply of homes is available to buy. Mortgage rates still are nearly a full percentage point above record lows reached about a year ago.