Average U.S. rates on fixed mortgages declined this week amid signs the economic recovery is slowing.
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan fell to 4.50 percent from 4.57 percent last week.
The average on the 15-year fixed mortgage dipped to 3.54 percent from 3.59 percent last week.
The retreat in the average rate of a 30-year mortgage comes just a couple of weeks after the rate reached a two-year high of 4.58 percent Aug. 22. The average rate on a 15-year mortgage also hit a two-year high – 3.60 percent – that day. Overall, mortgage rates remain low by historical standards.
Long-term mortgage rates have risen more than a full percentage point since May, when Fed Chairman Ben Bernanke first signaled that the central bank could begin reducing its monthly $85 billion in bond purchases this year if the economy looked strong enough.
– The Associated Press