US long-term mortgage rates little changed, 30-year at 3.75%

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This June 13, 2019, photo shows a new home is for sale in Mechanicsville, Va. On Thursday, June 20, Freddie Mac reports on this week’s average U.S. mortgage rates. (AP Photo/Steve Helber)

WASHINGTON (AP) – U.S. long-term mortgage rates were mostly unchanged this week amid signals from the Federal Reserve that it is preparing to cut interest rates soon.

Mortgage buyer Freddie Mac says that the average rate on the benchmark 30-year mortgage stood at 3.75%, the same as the previous week. A year ago the rate stood at 4.53%.

The average rate for 15-year, fixed-rate home loans ticked up this week to 3.22% from 3.18%. It was 4.02% one year ago.

Low interest rates and stabilizing home prices appear to be nudging some home buyers. The National Association of Realtors says that more Americans signed contracts to purchase homes in May compared with the prior month.

Copyright 2019 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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