WASHINGTON (AP) – U.S. long-term mortgage rates remained near historically low levels this week against a backdrop of volatile financial markets around the globe.
Mortgage buyer Freddie Mac says the average rate on the benchmark 30-year loan was unchanged at 3.60%, its lowest level since November 2016. A year ago the rate stood at 4.53%.
The average mortgage rate for 15-year, fixed-rate home loans edged up to 3.07% from 3.05% last week.
Continued anxiety over the U.S.-China trade war and slowing global economic growth made for a rocky ride in the markets. On Wednesday, U.S. stocks plunged after the bond market sent out a fairly reliable warning signal of recession.
The whipsawed markets have sent investors fleeing from stocks to the safety of bonds, pushing bond interest rates to record lows.