Average US 30-year mortgage rate slips to 4.02 percent

US housing starts drop for 3rd straight month

WASHINGTON/May 18, 2017 (AP) (StlRealEstate.News) — Long-term U.S. mortgage rates inched lower this week. It was the fifth straight week that the benchmark 30-year rate hovered around the key threshold of 4 percent.

Mortgage buyer Freddie Mac says the average rate on 30-year fixed-rate home loans slipped to 4.02 percent from 4.05 percent last week. The rate stood at 3.58 percent a year ago and averaged 3.65 percent in 2016, the lowest level in records dating to 1971.

The rate on 15-year mortgages eased to 3.27 percent from 3.29 percent last week.

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