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Mortgage rates fall to 10-month low

FILE - In this Jan. 3, 2019, file photo a realtor sign marks a home for sale in Franklin Park, Pa. The partial federal government shutdown is complicating the already complicated process of getting and managing a mortgage. For one thing, the political storm is like severe weather at a major airport: You can expect minor delays or worse. Also, it could mean financial hardship for some federal government employees facing mortgage payments without their regular paychecks. (AP Photo/Keith Srakocic)
FILE - In this Jan. 3, 2019, file photo a realtor sign marks a home for sale in Franklin Park, Pa. The partial federal government shutdown is complicating the already complicated process of getting and managing a mortgage. For one thing, the political storm is like severe weather at a major airport: You can expect minor delays or worse. Also, it could mean financial hardship for some federal government employees facing mortgage payments without their regular paychecks. (AP Photo/Keith Srakocic) FILE - In this Jan. 3, 2019, file photo a realtor sign marks a home for sale in Franklin Park, Pa. The partial federal government shutdown is complicating the already complicated process of getting and managing a mortgage. For one thing, the political storm is like severe weather at a major airport: You can expect minor delays or worse. Also, it could mean financial hardship for some federal government employees facing mortgage payments without their regular paychecks. (AP Photo/Keith Srakocic)

By Staff and wire reports 3 min read

U.S. long-term mortgage rates fell this week to a 10-month low, spurring on potential homebuyers for the upcoming season.

Mortgage buyer Freddie Mac said Thursday the average rate on the benchmark 30-year, fixed-rate mortgage eased to 4.41 percent from 4.46 percent last week. Despite the declines in recent weeks, home borrowing rates are above last year’s levels. The key 30-year rate averaged 4.32 percent a year ago.

The average rate this week for 15-year, fixed-rate loans declined to 3.84 percent from 3.89 percent.

Increases in home prices have slowed in many areas of the country, and more homes have come on the market. Those developments, along with historically low mortgage rates, should give a boost to this spring’s home buying season, experts say.

“The U.S. economy remains on solid ground, inflation is contained and the threat of higher short-term rates is fading from view,” said Freddie Mac chief economist Sam Khater.