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US mortgage rates fall; 30-year loan at all-time low 3.15%

US mortgage rates fall; 30-year loan at all-time low 3.15%
Posted at 11:09 AM, May 28, 2020
and last updated 2020-05-28 14:22:35-04

WASHINGTON (AP) — Long-term U.S. mortgage rates fell this week as the key 30-year home loan marked an all-time low for the third time in the last few months since the coronavirus outbreak took hold.

Mortgage buyer Freddie Mac reports that the average rate on the 30-year loan tumbled to 3.15% from 3.24% last week.

It was the lowest level since since Freddie started tracking rates in 1971.

The average rate on the 15-year fixed-rate mortgage declined to 2.62% from 2.70% last week.