Average US rate on 30-year mortgage slides to 3.97 percent; 15-year loan at 3.18 percent

Markets Associated Press

Average U.S. mortgage rates tumbled this week, with the 30-year loan hitting its lowest level since June 2013 as Treasury bond yields marked new lows.

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It was the fourth straight week of declines for mortgage rates, making it more affordable to borrow to buy a home.

Mortgage company Freddie Mac says the nationwide average for a 30-year loan dipped to 3.97 percent from 4.12 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, fell to 3.18 percent from 3.30 percent.

The 10-year Treasury noted traded at 2.13 percent Wednesday, down from 2.34 percent a week earlier. Mortgage rates often follow the yield on the 10-year note.