WASHINGTON (AP) — Average U.S. rates on fixed mortgages declined this week closer to historically low levels as the spring home-buying season begins.
Mortgage buyer Freddie Mac says the average rate for the 30-year loan fell to 4.34 percent from 4.41 percent last week. The average for the 15-year mortgage eased to 3.38 percent from 3.47 percent.
Mortgage rates have risen about a full percentage point since hitting record lows about a year ago.
The spring buying season raises a dilemma: Too few homeowners are selling and too few buyers can afford the market prices.
Average home sale prices rose by double-digit percentages last year and are expected to rise by single digits this year, with the strongest gains in such areas with solid job growth as Austin, Texas.