Average US long-term mortgage rate ticks back down this week

By MATT OTT
AP Business Writer

SILVER SPRING, Md. (AP) — The average long-term mortgage rate in the U.S. ticked back down this week following several weeks of increases. Mortgage buyer Freddie Mac reported Thursday that the average rate for a 30-year mortgage fell to 3.09% from 3.14% last week. Last year at this time the long-term rate stood at 2.78%. The rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, fell to 2.35% from 2.37% last week. Rates remain historically low, though limited inventory and rising prices are leaving many potential homebuyers on the sidelines.