Average US rate on 30-year mortgage falls to 3.59 pct as long-term rates resume downward trend

Home Mortgage Associated Press

Average long-term U.S. mortgage rates fell this week, resuming their downward trend of this year after rising slightly last week. Rates are near historically low levels.

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Mortgage company Freddie Mac says the nationwide average for a 30-year mortgage declined to 3.59 percent from 3.66 percent last week. The average rate is at its lowest level since May 2013.

The rate for the 15-year loan, a popular choice for people who are refinancing, eased to 2.92 percent from 2.98 percent last week.

A year ago, the average 30-year mortgage stood at 4.23 percent and the 15-year mortgage at 3.33 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates.