Average rate on 30-year mortgage falls to 3.62%

WASHINGTON (AP) – Feb. 25, 2016 – Average long-term U.S. mortgage rates fell this week as anxiety over the global economy persisted. Long-term rates resumed their decline after being unchanged last week following six straight weeks of easing.

Mortgage buyer Freddie Mac said Thursday the average rate on a 30-year, fixed-rate mortgage slipped to 3.62 percent from 3.65 percent last week. That puts it well below the 3.80 percent it marked a year ago.

The average rate on 15-year fixed-rate mortgages declined to 2.93 percent from 2.95 percent last week.

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