U.S. long-term mortgage rates fell this week to a 12-month low, an enticement for prospective homebuyers in the upcoming season.
Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year, fixed-rate mortgage declined to 4.37 percent from 4.41 percent last week. The key 30-year home borrowing rate averaged 4.38 percent a year ago.
The average rate this week for 15-year, fixed-rate loans eased to 3.81 percent from 3.84 percent.
Indications that inflation and economic growth around the world have slowed have been pushing mortgage rates lower, experts say. Increases in home prices have slowed in many areas of the country, and more homes have come on the market.
Along with historically low mortgage rates, those developments are expected to boost this spring’s home buying season.