Long-term US mortgage rates fall this week to 3.76%

By MATT OTT
AP Business Writer

WASHINGTON (AP) — Average long-term U.S. mortgage rates fell this week and remain at historically low levels, just as the Federal Reserve prepares to raise its main borrowing rate. The average rate on a 30-year loan declined to 3.76% this week from 3.89% last week, mortgage buyer Freddie Mac reported Thursday. Chair Jerome Powell said Wednesday that he supports a traditional quarter-point increase in the Federal Reserve’s benchmark short-term interest later this month, rather than a larger increase that some have proposed. Higher home prices, combined with an expected rise in interest rates will make it harder for Americans to secure a new home.