Business

US average mortgage rates fall; 30-year loan at 4.75%


WASHINGTON — U.S. long-term mortgage rates fell this week amid a steep decline in stock prices.


The plunge in global stock markets, which have been roiled by trade tensions between the U.S. and China, initially deepened Thursday.


Comment on this story With stocks sliding, traders continued to channel money into bonds — a signal that they see weakness in the economy ahead.


The yield on the key 10-year Treasury note, which tends to influence mortgage rates, dropped to 2.86% Thursday morning from 2.92% on Tuesday as bond prices rose.


To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week.


Keith Srakocic, Associated Press In this Nov. 28, 2018, photo, a realtor sign hangs in front of a home for sale in Pittsburgh.






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