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U.S. mortgage rates decline; 30-year loan at 3.45%

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John Bazemore/AP
FILE - This Thursday, Dec. 3, 2015, file photo shows an existing home for sale in Roswell, Ga. After nine straight weeks of increases, long-term US mortgage rates fell the week of Jan. 5, 2017. (AP Photo/John Bazemore, File)
Mortgage Rates
Posted at 1:33 PM, Feb 27, 2020
and last updated 2020-02-27 16:33:24-05

WASHINGTON (AP) — U.S. long-term mortgage rates declined this week as growing concern over the economic impact of China's viral outbreak spurred a steep downturn in global stock markets.

Mortgage buyer Freddie Mac says the average rate for a 30-year fixed-rate mortgage fell to 3.45% from 3.49% last week. Rates are far below year-ago levels: the benchmark 30-year loan averaged 4.35% a year ago.

The average rate on a 15-year fixed mortgage slipped to 2.95% from 2.99% last week.

The slide in stock prices pushed investors to buy up U.S. Treasury securities, viewed as a safe haven in the event of an economic downturn. 

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