Average US rate on 30-year mortgages eases to 3.85 percent

AP News
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Posted: Oct 01, 2015 10:28 AM
Average US rate on 30-year mortgages eases to 3.85 percent

WASHINGTON (AP) — Average long-term U.S. mortgage rates eased slightly this week, continuing at low levels to entice potential homebuyers.

Mortgage giant Freddie Mac says the average rate on a 30-year fixed-rate mortgage declined to 3.85 percent from 3.86 percent a week earlier. The rate on 15-year fixed-rate mortgages ticked down to 3.07 percent from 3.08 percent.

Rates have stayed below 4 percent for 10 straight weeks.

The Federal Reserve announced Sept. 17 its decision to keep interest rates at record lows for now. A rate hike by the Fed could bring higher rates for home loans. The Fed has kept the federal funds rate near zero since the financial crisis struck in 2008.