Average US 30-year mortgage rate slips to 4.23 percent

Markets Associated Press

Long-term U.S. mortgage rates slid this week from their highest levels of 2017.

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Mortgage buyer Freddie Mac says the rate on 30-year, fixed-rate home loans fell to 4.23 percent from 4.30 percent last week. The benchmark rate stood at 3.71 percent a year ago and averaged 3.65 percent in 2016, lowest in records dating to 1971.

The rate on 15-year mortgages tumbled to 3.44 percent from 3.50 percent.

Last week's long-term rates were the highest this year.

Mortgage rates rose sharply after the Nov. 8 election. Investors bid rates up because they expect President Trump's plans to cut taxes and increase spending on defense and infrastructure to push economic growth and inflation higher. The Federal Reserve last week raised short-term rates for only the third time since 2006.