Average On 30-Year US Mortgage Slips To 3.55 Percent - NewsChannel5.com | Nashville News, Weather & Sports

Average On 30-Year US Mortgage Slips To 3.55 Percent

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WASHINGTON (AP) - Average U.S. rates on fixed mortgages changed little this week and remained slightly above record lows reached earlier this year. The low rates have aided a modest housing recovery.

Mortgage buyer Freddie Mac says the rate on the 30-year loan slipped to 3.55 percent, down from 3.59 percent last week. Six weeks ago, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.

The average on the 15-year fixed mortgage, a popular refinancing option, was unchanged at 2.86 percent. That's above the record low of 2.80 percent reached six weeks ago.

Cheap mortgages have lifted home sales this year. Prices also have increased, largely because the supply of homes has shrunk while sales have risen.

(Copyright 2012 by The Associated Press. All Rights Reserved.)

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