WASHINGTON (AP) — U.S. long-term mortgage rates declined this week for a second straight week, reversing the upward trend in April as a lure to potential home buyers.
Mortgage buyer Freddie Mac said Thursday the average rate on the 30-year, fixed-rate mortgage fell to 4.10% from 4.14% last week. By contrast, a year ago the benchmark rate stood at 4.55%.
The average rate for 15-year, fixed-rate home loans eased this week to 3.57% from 3.60% last week.
Mortgage costs are influenced by the yield on the 10-year Treasury note, which was pushed lower this week as many investors concerned over the continuing U.S.-China trade war shifted money from volatile stocks to the bond market. Bond yields fall as prices rise.
The yield on the 10-year note was 2.48% late Wednesday, down from 2.5% a week earlier. It fell further to 2.44% around midday Thursday.