Mortgage rates drop despite Fed rate hike
Long-term U.S. mortgage rates dropped slightly this week.
Mortgage buyer Freddie Mac said the benchmark 30-year, fixed-rate mortgage averaged 3.90 percent, down from 3.91 percent last week. The rate stood at 3.56 percent a year ago and averaged a record low 3.65 percent in 2016.
The 15-year, fixed-rate home loan, popular with homeowners seeking to refinance their mortgages, also blipped lower – to 3.17 percent from 3.18 percent. A year ago, the 15-year rate was 2.83 percent.
The rate on five-year, adjustable-rate mortgages decreased to 3.14 percent from 3.15 percent. It was 2.74 percent a year ago.