In this Friday, March 29, 2019, photo people walk by an apartment for sale in Jersey City, N.J. On Thursday, April 4, Freddie Mac reports on this week’s average U.S. mortgage rates.(AP Photo/Jenny Kane)

US mortgage rates move little after big drop; 30-year 4.08%

April 04, 2019 - 11:00 am

WASHINGTON (AP) — U.S. long-term mortgage rates moved little this week after the key 30-year loan rate marked its steepest weekly drop in a decade the week before.

Mortgage buyer Freddie Mac says the average rate on the 30-year, fixed-rate mortgage ticked up to 4.08% from 4.06% — which had plunged from 4.28% last week. The average rate on the benchmark loan stood at 4.40% a year ago.

The average rate this week for 15-year, fixed-rate home loans slipped to 3.56% from 3.57% last week.

The decline made purchasing a home a lot cheaper, and potential buyers have been rushing to take advantage of the cheaper borrowing costs.

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