US mortgage rates tick up this week, 30-year reaches 3.49%

WASHINGTON (AP) — U.S. mortgage rates rose slightly this week but they remain far below year-ago levels, which has provided a boost to home sales.

Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year fixed-rate mortgage loan rose to 3.49% from 3.47% last week. That is down from 4.35% a year ago. The average rate on a 15-year fixed mortgage also increased slightly, to 2.99% from 2.97%.

Fears about the economic impact of China’s viral outbreak have caused investors to snap up U.S. Treasury securities, often seen as a safe haven in the event of an economic downturn. That has pushed the yield on the 10-year Treasury note sharply lower this year. Mortgage rates typically follow the yield on the 10-year note.

The rate for a 5-year adjustable mortgage was 3.25% versus 3.28% last week.

Copyright © 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.

More from WTOP

Log in to your WTOP account for notifications and alerts customized for you.

Sign up