WASHINGTON | US average mortgage rates fall; 30-year loan at 4.75%
WASHINGTON — U.S. long-term mortgage rates fell this week amid a steep decline in stock prices.
Continued slides in the stock market and tumbling oil prices have been pushing mortgage rates lower, although home borrowing rates remain much higher than a year ago. Mortgage giant Freddie Mac said Thursday the average rate on the benchmark 30-year, fixed-rate mortgage dipped to 4.75% from 4.81% last week. The key rate stood at 3.94% a year ago.